Has there ever been a better time for Stockport home sellers?
The Stockport property market, for people looking to sell, is at its sturdiest for at least the last five years with home buyers jumping onto the Stockport property ladder with abandon.
Stockport 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 Stockport first-time buyers (and Stockport homeowners with minimal equity).
In addition, the continued low interest rates and the demand for larger homes because of lockdown means the Stockport property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Stockport estate agents, making the biggest disparity between supply and demand for Stockport property for many years.
Fears of a cliff edge for the Stockport 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 …
69% of Stockport properties on the market are Sold (STC)
Interesting, when utilising data from theadvisory.co.uk website, the Stockport average for the last five years has only been 58%, meaning there has been an uplift of 19.7% in the proportion of Stockport properties sold (stc) compared to that five-year average.
Yet what can’t be forgotten is that 9 out of 20 Stockport house sellers are also Stockport house buyers as well, so whilst they do indeed achieve a higher price for their Stockport property, they also have to pay more for the Stockport property they want to buy.
So, how much will Stockport 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% fewer Stockport properties for sale today compared to 6 years ago
Whilst February saw a lower-than-normal level of new properties coming onto the Stockport property market, the easing of lockdown roadmap and faster rollout of the vaccine is also persuading more Stockport homeowners (especially those older Stockport homeowners who have had their jabs) to start making the first steps towards moving home in 2021.
This will mean there will be more Stockport 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 Stockport property prices in check.
These are interesting times for the Stockport property market. If you are a Stockport homeowner or Stockport landlord looking to buy or let your Stockport 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.
