24 Mar High Wycombe Property Market Improved by 44.9% Over Pre-Pandemic Levels
Has there ever been a better time for High Wycombe home sellers?
The High Wycombe property market, for people looking to sell, is at its sturdiest for at least the last five years with home buyers jumping onto the High Wycombe property ladder with abandon.
High Wycombe 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 High Wycombe first-time buyers (and High Wycombe homeowners with minimal equity).
In addition, the continued low interest rates and the demand for larger homes because of lockdown, means the High Wycombe property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with High Wycombe estate agents, making the biggest disparity between supply and demand for High Wycombe property for many years.
Fears of a cliff edge for the High Wycombe 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 High Wycombe properties on the market are Sold (STC)
Interesting, when utilising data from theadvisory.co.uk website, the High Wycombe average for the last five years has only been 40%, meaning there has been an uplift of 44.9% in the proportion of High Wycombe properties sold (STC) compared to that five year average.
Yet what can’t be forgotten is that 9 out of 20 High Wycombe house sellers are also High Wycombe house buyers as well, so whilst they do indeed achieve a higher price for their High Wycombe property, they also have to pay more for the High Wycombe property they want to buy.
So, how much will High Wycombe 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 10% fewer High Wycombe properties for sale today compared to 2 years ago
Whilst February saw a lower than normal level of new properties coming onto to the High Wycombe property market, the easing of lockdown road map and faster rollout of the vaccine is also persuading more High Wycombe homeowners (especially those older High Wycombe homeowners who have had their jabs) to start making the first steps towards moving home in 2021.
This will mean there will be more High Wycombe 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 High Wycombe property prices in check.
These are interesting times for the High Wycombe property market. If you are a High Wycombe homeowner or High Wycombe landlord looking to buy or let your High Wycombe 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.