Has there ever been a better time for Chelmsford home sellers?
The Chelmsford property market, for people looking to sell, is at its sturdiest for at least the last five years with home buyers jumping on to the Chelmsford property ladder with abandon.
Chelmsford 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 Chelmsford first-time buyers (and Chelmsford homeowners with minimal equity).
In addition, the continued low interest rates and the demand for larger homes because of lockdown means the Chelmsford property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Chelmsford estate agents making the biggest disparity between supply and demand for Chelmsford property for many years.
Fears of a cliff edge for the Chelmsford housing market at the end of March have dispersed, somewhat due to the stamp duty tax deadline extension, 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 …
70% of Chelmsford properties on the market are Sold (STC)
Interesting, when utilising data from theadvisory.co.uk website, the Chelmsford average for the last five years has only been 52%, meaning there has been an uplift of 34.9% in the proportion of Chelmsford properties sold (stc) compared to that five-year average.
Yet what can’t be forgotten is that 9 out of 20 Chelmsford house sellers are also Chelmsford house buyers as well, so whilst they do indeed achieve a higher price for their Chelmsford property, they also have to pay more for the Chelmsford property they want to buy.
So, how much will Chelmsford 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 13% fewer Chelmsford properties for sale today compared to 3 years ago
Whilst February saw a lower-than-normal level of new properties coming on to the Chelmsford property market, the easing of lockdown road map and faster rollout of the vaccine is also persuading more Chelmsford homeowners (especially those older Chelmsford homeowners who have had their jabs) to start making the first steps towards moving home in 2021.
This will mean there will be more Chelmsford 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 Chelmsford property prices in check.
These are interesting times for the Chelmsford property market. If you are a Chelmsford homeowner or landlord looking to buy or let your Chelmsford 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.