- House Prices
Kidderminster Property Market Improved by 46.9% Over Pre-Pandemic Levels
Has there ever been a better time for Kidderminster home sellers?
The Kidderminster property market, for people looking to sell, is at its sturdiest for at least the last five years with home buyers jumping onto the Kidderminster property ladder with abandon.
Kidderminster 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 Kidderminster first-time buyers (and Kidderminster homeowners with minimal equity).
Also, the continued low-interest rates and the demand for larger homes because of lockdown means the Kidderminster property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Kidderminster estate agents, making the biggest disparity between supply and demand for Kidderminster property for many years.
Fears of a cliff edge for the Kidderminster housing market at the end of March have dispersed, somewhat due to the Stamp Duty tax deadline extensions, but also because of the elevated level of buyer demand caused by the three lockdowns has continued to swell since the start of 2021 meaning that today …
68% of Kidderminster properties on the market are Sold (STC)
Interesting, when utilising data from theadvisory.co.uk website, the Kidderminster average for the last five years has only been 46%, meaning there has been an uplift of 46.9% in the proportion of Kidderminster properties sold (STC) compared to that five-year average
Yet what can’t be forgotten is that 9 out of 20 Kidderminster house sellers are also Kidderminster house buyers, so whilst they do indeed achieve a higher price for their Kidderminster property, they also have to pay more for the Kidderminster property they want to buy.
So, how much will Kidderminster house prices rise?
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 Kidderminster properties for sale today compared to 6 years ago
Whilst February saw a lower than normal level of new properties coming onto the Kidderminster property market, the easing of the lockdown road map and faster rollout of the vaccine is also persuading more Kidderminster homeowners (especially those older Kidderminster homeowners who have had their jabs) to start making the first steps towards moving home in 2021.
This will mean there will be more Kidderminster 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 Kidderminster property prices in check.