The Rutland property market, for people looking to sell, is at its sturdiest for at least the last five years with home buyers jumping onto the Rutland property ladder with abandon.
Rutland 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 Rutland first-time buyers (and Rutland homeowners with minimal equity).
In addition, the continued low interest rates and the demand for larger homes because of lockdown means the Rutland property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with estate agents in Rutland, making the biggest disparity between supply and demand for Rutland property for many years.
Fears of a cliff edge for the Rutland 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 …
69% of Rutland properties on the market are Sold (STC)
Interesting, when utilising data from theadvisory.co.uk website, the Rutland average for the last five years has only been 40%, meaning there has been an uplift of 72% in the proportion of Rutland properties sold (stc) compared to that five-year average.
Yet what can’t be forgotten is that 9 out of 20 Rutland house sellers are also Rutland house buyers as well, so whilst they do indeed achieve a higher price for their Rutland property, they also have to pay more for the Rutland property they want to buy.
So, how much will Rutland 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 51% fewer Rutland properties for sale today compared to 6 years ago
Whilst February saw a lower-than-normal level of new properties coming onto the Rutland market, the easing of lockdown and faster rollout of the vaccine is also persuading more Rutland homeowners (especially those older Rutland homeowners who have had their jabs) to start making the first steps towards moving home in 2021.
This will mean there will be more Rutland 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 Rutland property prices in check.
These are interesting times for the Rutland property market. If you are a Rutland homeowner looking to buy your Rutland property in the coming weeks or months, don’t hesitate to drop me a line to discuss what all the points raised in article mean to you.