Has there ever been a better time for Faversham home sellers?
The Faversham property market, for people looking to sell, is at its sturdiest for at least the last five years with home buyers jumping onto the Faversham property ladder with abandon.
Faversham house prices are anticipated to rise throughout 2021 after the Stamp Duty cut (and subsequent extension until the autumn) and the newly revealed 95% mortgages for Faversham first-time buyers (and Faversham homeowners with minimal equity).
In addition, the continued low interest rates and the demand for larger homes because of lockdown means the Faversham property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Faversham estate agents, making the biggest disparity between supply and demand for Faversham property for many years.
Fears of a cliff edge for the Faversham 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 …
54% of Faversham properties on the market are Sold (STC)
Interesting, when utilising data from theadvisory.co.uk website, the Faversham average for the last five years has only been 36%, meaning there has been an uplift of 49.2% in the proportion of Faversham properties sold (stc) compared to that five-year average.
Yet what can’t be forgotten is that 9 out of 20 Faversham house sellers are also Faversham house buyers as well, so whilst they do indeed achieve a higher price for their Faversham property, they also have to pay more for the Faversham property they want to buy.
So, how much will Faversham 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 38% more Faversham properties for sale today compared to 6 years ago
Nationally, in most UK towns and cities, the number of properties that are for sale today compared to same pre-Easter property markets of 2015 to 2019 are lower by around 10% to 20%, yet in Faversham the opposite is true. With the easing of lockdown roadmap and faster rollout of the vaccine, this has persuaded more Faversham homeowners (especially those older Faversham homeowners who have had their jabs) to start making the first steps towards moving home in 2021 and placing their property on the market for sale.
This will mean there will be more Faversham 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 Faversham property prices in check.
These are interesting times for the Faversham property market. If you are a Faversham homeowner or Faversham landlord looking to buy or let your Faversham property in the coming weeks or months, don’t hesitate to drop me a line to discuss what all the points raised in article mean to you.
swalepropertynews.com 