Thursday, 25 March 2021

Royal Tunbridge Wells Property Market Improved by 27.1% Over Pre-Pandemic Levels

Has there ever been a better time for Tunbridge Wells home sellers?


The Tunbridge Wells property market, for people looking to sell, is at its sturdiest for at least the last five years with home buyers jumping onto the Tunbridge Wells property ladder with abandon.


Tunbridge Wells 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 Tunbridge Wells first-time buyers (and Tunbridge Wells homeowners with minimal equity). 


In addition, the continued low interest rates and the demand for larger homes because of lockdown, means the Tunbridge Wells property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Tunbridge Wells estate agents, making the biggest disparity between supply and demand for Tunbridge Wells property for many years. 


Fears of a cliff edge for the Tunbridge Wells 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 …


54% of Tunbridge Wells properties on the market are Sold (STC)


Interesting, when utilising data from website, the Tunbridge Wells average for the last five years has only been 42%, meaning there has been an uplift of 27.1% in the proportion of Tunbridge Wells properties sold (STC) compared to that five year average.


Yet what can’t be forgotten is that 9 out of 20 Tunbridge Wells house sellers are also Tunbridge Wells house buyers as well, so whilst they do indeed achieve a higher price for their Tunbridge Wells property, they also have to pay more for the Tunbridge Wells property they want to buy.


So, how much will Tunbridge Wells 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 3% fewer Tunbridge Wells properties for sale today compared to 1 year ago


Whilst February saw a lower than normal level of new properties coming onto to the Tunbridge Wells property market, the easing of lockdown road map and faster rollout of the vaccine is also persuading more Tunbridge Wells homeowners (especially those older Tunbridge Wells homeowners who have had their jabs) to start making the first steps towards moving home in 2021.


This will mean there will be more Tunbridge Wells 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 Tunbridge Wells property prices in check.


These are interesting times for the Tunbridge Wells property market. If you are a Tunbridge Wells homeowner or Tunbridge Wells landlord looking to buy or let your Tunbridge Wells 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.

No comments :

Post a Comment