Broadstairs Property Market Improved By 64.2% Over Pre-Pandemic Levels
“The Broadstairs property market has improved by 64.2% over pre-pandemic levels, so we have to ask if there has there ever been a better time for Broadstairs property owners?
Broadstairs Property Market Improved by 64.2% Over Pre-pandemic Levels
Has there ever been a better time for Broadstairs home sellers?
The Broadstairs property market, for people looking to sell, is at its sturdiest for at least the last five years with home buyers jumping onto the Broadstairs property ladder with abandon.
Broadstairs 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 Broadstairs first-time buyers (and Broadstairs homeowners with minimal equity).
In addition, the continued low interest rates and the demand for larger homes because of lockdown means the Broadstairs property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Broadstairs estate agents, making the biggest disparity between supply and demand for Broadstairs property for many years.
Fears of a cliff edge for the Broadstairs 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 …
52% of Broadstairs properties on the market are Sold (STC)
Interesting, when utilising data from theadvisory.co.uk website, the Broadstairs average for the last five years has only been 32%, meaning there has been an uplift of 64.2% in the proportion of Broadstairs properties sold (stc) compared to that five-year average.
Yet what can’t be forgotten is that 9 out of 20 Broadstairs house sellers are also Broadstairs house buyers as well, so whilst they do indeed achieve a higher price for their Broadstairs property, they also have to pay more for the Broadstairs property they want to buy.
So, how much will Broadstairs 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 34% fewer Broadstairs properties for sale today compared to 6 years ago
Whilst February saw a lower-than-normal level of new properties coming onto the Broadstairs property market, the easing of lockdown roadmap and faster rollout of the vaccine is also persuading more Broadstairs homeowners (especially those older Broadstairs homeowners who have had their jabs) to start making the first steps towards moving home in 2021.
This will mean there will be more Broadstairs 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 Broadstairs property prices in check.
These are interesting times for the Thanet property market. If you are a Thanet homeowner or landlord looking to buy or let your Thanet property in the coming weeks or months, don’t hesitate to drop me a line to discuss what all the points raised in the article mean to you.