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.