The Hammersmith 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 Hammersmith property ladder with abandon.
Hammersmith 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 Hammersmith first-time buyers (and Hammersmith homeowners with minimal equity).
In addition, the continued low interest rates and the demand for larger homes because of lockdown means the Hammersmith property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Hammersmith estate agents making the biggest disparity between supply and demand for Hammersmith property for many years.
Fears of a cliff edge for the Hammersmith 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 …
30% of Hammersmith properties on the market are Sold (STC)
Interesting, when utilising data from theadvisory.co.uk website, the Hammersmith average for the last five years has only been 21%, meaning there has been an uplift of 42.6% in the proportion of Hammersmith properties sold (stc) compared to that five-year average.
Yet what can’t be forgotten is that 9 out of 20 Hammersmith house sellers are also Hammersmith house buyers as well, so whilst they do indeed achieve a higher price for their Hammersmith property, they also have to pay more for the Hammersmith property they want to buy.
So, how much will Hammersmith 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% fewer Hammersmith properties for sale today compared to 5 years ago
Whilst February saw a lower-than-normal level of new properties coming on to the Hammersmith property market, the easing of lockdown road map and faster rollout of the vaccine is also persuading more Hammersmith homeowners (especially those older Hammersmith homeowners who have had their jabs) to start making the first steps towards moving home in 2021.
This will mean there will be more Hammersmith 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 Hammersmith property prices in check.
These are interesting times for the Hammersmith property market. If you are a Hammersmith homeowner or landlord looking to buy or let your Hammersmith 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.
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