Harborne Property Market improved by 18.5% over pre-pandemic levels
Has there ever been a better time for Harborne home sellers?
The Harborne property market, for people looking to sell, is at its sturdiest for at least the last five years with home buyers jumping onto the Harborne property ladder with abandon.
Harborne 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 Harborne first-time buyers (and Harborne homeowners with minimal equity).
In addition, the continued low-interest rates and the demand for larger homes because of lockdown means the Harborne property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Harborne estate agents making the biggest disparity between supply and demand for Harborne property for many years.
Fears of a cliff edge for the Harborne 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 …
54% of Harborne properties on the market are Sold (STC)
Interesting, when utilising data from theadvisory.co.uk website, the Harborne average for the last five years has only been 46%, meaning there has been an uplift of 18.5% in the proportion of Harborne properties sold (stc) compared to that five-year average.
Yet what can’t be forgotten is that 9 out of 20 Harborne house sellers are also Harborne house buyers as well, so whilst they do indeed achieve a higher price for their Harborne property, they also have to pay more for the Harborne property they want to buy.
So, how much will Harborne 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 26% fewer Harborne properties for sale
today compared to 6 years ago
Whilst February saw a lower-than-normal level of new properties coming on to the Harborne property market, the easing of lockdown road map and faster rollout of the vaccine is also persuading more Harborne homeowners (especially those older Harborne homeowners who have had their jabs) to start making the first steps towards moving home in 2021.
This will mean there will be more Harborne 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 Harborne property prices in check.
These are interesting times for the Harborne property market. If you are a Harborne homeowner or landlord looking to buy or let your Harborne 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.