Has there ever been a better time for Hayes home sellers?
The Hayes 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 Hayes property ladder with abandon.
Hayes 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 Hayes first-time buyers (and Hayes homeowners with minimal equity).
In addition, the continued low interest rates and the demand for larger homes because of lockdown means the Hayes property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Hayes estate agents making the biggest disparity between supply and demand for Hayes property for many years.
Fears of a cliff edge for the Hayes 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 …
47% of Hayes properties on the market are Sold (STC)
Interesting, when utilising data from theadvisory.co.uk website, the Hayes average for the last five years has only been 33%, meaning there has been an uplift of 42.9% in the proportion of Hayes properties sold (stc) compared to that five-year average.
Yet what can’t be forgotten is that 9 out of 20 Hayes house sellers are also Hayes house buyers as well, so whilst they do indeed achieve a higher price for their Hayes property, they also have to pay more for the Hayes property they want to buy.
So, how much will Hayes 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 11% more Hayes 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 Hayes the opposite is true. With the easing of lockdown roadmap and faster rollout of the vaccine, this is persuading more Hayes homeowners (especially those older Hayes homeowners who have had their jabs) to start to make the first steps towards moving home in 2021 and placing their property on the market for sale.
This will mean there will be more Hayes 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 Hayes property prices in check.
These are interesting times for the Hayes property market. If you are a Hayes homeowner or landlord looking to buy or let your Hayes 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.
The Hayes Property Blog 