Dacorum’s Property Market Improved by 46.5% Over Pre-Pandemic Levels
Has there ever been a better time for Dacorum’s home sellers?
The Dacorum property market, for people looking to sell, is at its sturdiest for at least the last five years with home buyers jumping onto the Dacorum property ladder with abandon.
Dacorum’s 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 Dacorum first-time buyers (and Dacorum homeowners with minimal equity).
In addition, the continued low interest rates and the demand for larger homes because of lockdown, means the Dacorum property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Dacorum estate agents, making the biggest disparity between supply and demand for Dacorum property for many years.
Fears of a cliff edge for the Dacorum 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 …
59% of Dacorum properties on the market are Sold (STC)
Interesting, when utilising data from theadvisory.co.uk website, the Dacorum average for the last five years has only been 40%, meaning there has been an uplift of 46.5% in the proportion of Dacorum’s properties sold (STC) compared to that five year average.
Yet what can’t be forgotten is that 9 out of 20 Dacorum house sellers are also Dacorum house buyers as well, so whilst they do indeed achieve a higher price for their Dacorum property, they also have to pay more for the Dacorum property they want to buy.
So, how much will Dacorum 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 9% fewer Dacorum properties for sale today compared to 3 years ago
Whilst February saw a lower than normal level of new properties coming onto to the Dacorum property market, the easing of lockdown road map and faster rollout of the vaccine is also persuading more Dacorum homeowners (especially those older Dacorum homeowners who have had their jabs) to start making the first steps towards moving home in 2021.
This will mean there will be more Dacorum 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 Dacorum property prices in check.
These are interesting times for the Dacorum property market. If you are a Dacorum homeowner or Dacorum landlord looking to buy or let your Dacorum 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.