Has there ever been a better time for Bristol home sellers?
The Bristol 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 Bristol property ladder with abandon.
Bristol 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 Bristol first-time buyers (and Bristol homeowners with minimal equity).
In addition, the continued low-interest rates and the demand for larger homes because of lockdown means the Bristol property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Bristol estate agents making the biggest disparity between supply and demand for Bristol property for many years.
Fears of a cliff edge for the Bristol 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 …
“80% of Bristol properties on the market are Sold (STC)”
Interesting, when utilising data from theadvisory.co.uk website, the Bristol average for the last five years has only been 71%, meaning there has been an uplift of 12.2% in the proportion of Bristol properties sold (stc) compared to that five-year average.
Yet what can’t be forgotten is that 9 out of 20 Bristol house sellers are also Bristol house buyers as well, so whilst they do indeed achieve a higher price for their Bristol property, they also have to pay more for the Bristol property they want to buy.
So, how much will Bristol 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 18% fewer Bristol properties for sale
today compared to 3 years ago”
Whilst February saw a lower-than-normal level of new properties coming on to the Bristol property market, the easing of the lockdown road map and faster rollout of the vaccine is also persuading more Bristol homeowners (especially those older Bristol homeowners who have had their jabs) to start making the first steps towards moving home in 2021.
This will mean there will be more Bristol 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 Bristol property prices in check.
These are interesting times for the Bristol property market. If you are a Bristol homeowner or landlord looking to buy or let your Bristol 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.