Has there ever been a better time for Royston home sellers?
The Royston property market, for people looking to sell, is at its sturdiest for at least the last five years with home buyers jumping onto the Royston property ladder with abandon.
Royston house prices are anticipated to rise throughout 2021 after the Stamp Duty cut (and subsequent extension until the summer/autumn) and the newly revealed 95% mortgages for Royston first-time buyers (and Royston homeowners with minimal equity).
In addition, the continued low interest rates and the demand for larger homes because of lockdown, means the Royston property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Royston estate agents, making the biggest disparity between supply and demand for Royston property for many years.
Fears of a cliff edge for the Royston housing market at the end of March have dispersed, somewhat due to the Stamp Duty tax deadline extensions, but also because the elevated level of buyer demand caused by the three lockdowns has continued to swell since the start of 2021 meaning that today …
61% of Royston properties on the market are Sold (STC)
Interesting, when utilising data from theadvisory.co.uk website, the Royston average for the last five years has only been 43%, meaning there has been an uplift of 43.4% in the proportion of Royston properties sold (STC) compared to that five year average.
Yet what can’t be forgotten is that 9 out of 20 Royston house sellers are also Royston house buyers as well, so whilst they do indeed achieve a higher price for their Royston property, they also have to pay more for the Royston property they want to buy.
So, how much will Royston house prices rise by?
Like all things in life, it’s all about demand and supply. I have discussed the demand, yet what about the supply of properties for sale?
There are 17% fewer Royston properties for sale today compared to 8 years ago
Whilst February saw a lower than normal level of new properties coming onto to the Royston property market, the easing of lockdown road map and faster rollout of the vaccine is also persuading more Royston homeowners (especially those older Royston homeowners who have had their jabs) to start making the first steps towards moving home in 2021.
This will mean there will be more Royston properties available for sale in the conventionally busier post Easter market in the coming weeks and months which should cause more equilibrium and help keep Royston property prices in check.
These are interesting times for the Royston property market. If you are a Royston homeowner or Royston landlord looking to buy or let your Royston property in the coming weeks or months, don’t hesitate to drop me a line to discuss what all the points raised in this article mean to you.