Has there ever been a better time for Hounslow home sellers?
The Hounslow property market, for people looking to sell, is at its sturdiest for at least the last five years with home buyers jumping onto the Hounslow property ladder with abandon.
Hounslow 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 Hounslow first-time buyers (and Hounslow homeowners with minimal equity).
In addition, the continued low interest rates and the demand for larger homes because of lockdown, means the Hounslow property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Hounslow estate agents, making the biggest disparity between supply and demand for Hounslow property for many years.
Fears of a cliff edge for the Hounslow 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 …
46% of Hounslow properties on the market are
Interesting, when utilising data from theadvisory.co.uk website, the Hounslow average for the last five years has only been 32%, meaning there has been an uplift of 41.8% in the proportion of Hounslow properties sold (STC) compared to that five year average.
Yet what can’t be forgotten is that 9 out of 20 Hounslow house sellers are also Hounslow house buyers as well, so whilst they do indeed achieve a higher price for their Hounslow property, they also have to pay more for the Hounslow property they want to buy.
So, how much will Hounslow 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 1% more Hounslow properties for sale today compared to 3 years ago
Nationally, in most UK towns and cities, the number of properties that are for sale today compared to the same pre-Easter property markets of 2015 to 2019 are lower by around 10% to 20%, yet in Hounslow the opposite is true. With the road map of easing of lockdown and faster rollout of the vaccine, this has persuading more Hounslow homeowners (especially those older Hounslow homeowners who have had their jabs) to start making the first steps to moving home in 2021 and placing their property on the market for sale.
This will mean there will be more Hounslow 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 Hounslow property prices in check.
These are interesting times for the Hounslow property market. If you are a Hounslow homeowner or Hounslow landlord looking to buy or let your Hounslow property in the coming weeks or months, don’t hesitate to drop me a line to discuss what all the points raised in this article mean to you.