Wembley Property Market Improved by 50.7% Over Pre-pandemic Levels
Has there ever been a better time for Wembley home sellers?
The Wembley property market, for people looking to sell, is at its sturdiest for at least the last five years with home buyers jumping onto the Wembley property ladder with abandon.
Wembley 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 Wembley first-time buyers (and Wembley homeowners with minimal equity).
In addition, the continued low interest rates and the demand for larger homes because of lockdown means the Wembley property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Wembley estate agents, making the biggest disparity between supply and demand for Wembley property for many years.
Fears of a cliff edge for the Wembley 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 …
44% of Wembley properties on the market are Sold (STC)
Interesting, when utilising data from theadvisory.co.uk website, the Wembley average for the last five years has only been 29%, meaning there has been an uplift of 50.7% in the proportion of Wembley properties sold (stc) compared to that five-year average.
Yet what can’t be forgotten is that 9 out of 20 Wembley house sellers are also Wembley house buyers as well, so whilst they do indeed achieve a higher price for their Wembley property, they also have to pay more for the Wembley property they want to buy.
So, how much will Wembley 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 22% fewer Wembley properties for sale today compared to 5 years ago
Whilst February saw a lower-than-normal level of new properties coming onto the Wembley property market, the easing of lockdown roadmap and faster rollout of the vaccine is also persuading more Wembley homeowners (especially those older Wembley homeowners who have had their jabs) to start making the first steps towards moving home in 2021.
This will mean there will be more Wembley 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 Wembley property prices in check.
These are interesting times for the Wembley property market. If you are a Wembley homeowner or Wembley landlord looking to buy or let your Wembley 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.