Has there ever been a better time for Neath home sellers?
The Neath property market,
for people looking to sell, is at its sturdiest for at least the last five
years with home buyers jumping onto the Neath property ladder with abandon.
Neath house prices are anticipated
to rise throughout 2021 after the Land Transaction Tax cut (and subsequent
extension until the summer) and the newly revealed 95% mortgages for Neath first-time
buyers (and Neath homeowners with minimal equity).
In addition, the
continued low interest rates and the demand for larger homes because of
lockdown, means the Neath property market should remain bullish for a
while. There is a surge in potential buyers putting themselves on mailing
lists with Neath estate agents, making the biggest disparity between supply and
demand for Neath property for many years.
Fears of a cliff edge for the
Neath housing market at the end of March have dispersed, somewhat due to the Land
Transaction 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 …
62% of Neath properties on the market are Sold (STC)
Interesting, when utilising data from theadvisory.co.uk website, the Neath average for the last five years has only been 33%, meaning there has been an uplift of 87% in the proportion of Neath properties sold (STC) compared to that five year average.
Yet what can’t be forgotten
is that 9 out of 20 Neath house sellers are also Neath house buyers as well, so
whilst they do indeed achieve a higher price for their Neath property, they
also have to pay more for the Neath property they want to buy.
So, how much will Neath 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 66% fewer Neath properties for sale today
compared to 6 years ago
Whilst February saw a lower than
normal level of new properties coming onto to the Neath property market, the easing
of lockdown road map and faster rollout of the vaccine is also persuading
more Neath homeowners (especially those older Neath homeowners who have had their
jabs) to start making the first steps towards moving home in 2021.
This will mean there will be
more Neath 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 Neath property prices in check.