The Lichfield property market, for people looking to sell, is at its sturdiest for at least the last five years with home buyers jumping onto the Lichfield property ladder with abandon.
Has there ever been a better time for Lichfield home sellers?
If you would like to discuss the Lichfield property market in more detail please give me a call on 01543 226322 or contact me here.
Lichfield 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 Lichfield first-time buyers (and Lichfield homeowners with minimal equity).
In addition, the continued low interest rates and the demand for larger homes because of lockdown, means the Lichfield property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Lichfield estate agents, making the biggest disparity between supply and demand for Lichfield property for many years.
Fears of a cliff edge for the Lichfield 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 Lichfield properties on the market are Sold (SSTC)
Interesting, when utilising data from theadvisory.co.uk website, the Lichfield average for the last five years has only been 45%, meaning there has been an uplift of 20.5% in the proportion of Lichfield properties sold (STC) compared to that five year average.
Yet what can’t be forgotten is that 9 out of 20 Lichfield house sellers are also Lichfield house buyers as well, so whilst they do indeed achieve a higher price for their Lichfield property, they also have to pay more for the Lichfield property they want to buy.
So, how much will Lichfield 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 43% fewer Lichfield properties for sale today compared to 6 years ago
Whilst February saw a lower than normal level of new properties coming onto to the Lichfield property market, the easing of lockdown road map and faster rollout of the vaccine is also persuading more Lichfield homeowners (especially those older Lichfield homeowners who have had their jabs) to start making the first steps towards moving home in 2021.
This will mean there will be more Lichfield 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 Lichfield property prices in check.
These are interesting times for the Lichfield property market. If you are a Lichfield homeowner or Lichfield landlord looking to buy or let your Lichfield 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.