Has there ever been a better time for Maidstone home sellers?
The Maidstone property market, for people looking to sell, is at its sturdiest for at least the last five years with home buyers jumping onto the Maidstone property ladder with abandon.
Maidstone 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 Maidstone first-time buyers (and Maidstone homeowners with minimal equity).
In addition, the continued low interest rates, and the demand for larger homes because of lockdown, means the Maidstone property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Maidstone estate agents, making the biggest disparity between supply and demand for Maidstone property for many years.
Fears of a cliff edge for the Maidstone 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 …
58% of Maidstone properties on the market are
Interesting, when utilising data from theadvisory.co.uk website, the Maidstone average for the last five years has only been 42%, meaning there has been an uplift of 38.3% in the proportion of Maidstone properties sold (STC) compared to that five-year average.
Yet what cannot be forgotten is that 9 out of 20 Maidstone house sellers are also Maidstone house buyers as well, so whilst they do indeed achieve a higher price for their Maidstone property, they also have to pay more for the Maidstone property they want to buy.
So, how much will Maidstone house prices rise by?
Like all things in life, it is all about demand and supply. I have discussed the demand, yet what about the supply of properties for sale?
There are 22% fewer Maidstone properties for sale today compared to 3 years ago
Whilst February saw a lower-than-normal level of new properties coming onto to the Maidstone property market, the easing of lockdown road map and faster rollout of the vaccine is also persuading more Maidstone homeowners (especially those older Maidstone homeowners who have had their jabs) to start making the first steps towards moving home in 2021.
This will mean there will be more Maidstone 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 Maidstone property prices in check.
These are interesting times for the Maidstone property market. If you are a Maidstone homeowner or Maidstone landlord looking to buy or let your Maidstone property in the coming weeks or months, do not hesitate to drop me a line to discuss what all the points raised in this article mean to you