Romford Property Market Improved by 41.9%
Over Pre-Pandemic Levels
Has there ever been a better time for Romford home sellers?
The Romford property market, for people looking to sell, is at its sturdiest for at least the last five years with home buyers jumping onto the Romford property ladder with abandon.
Romford 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 Romford first-time buyers (and Romford homeowners with minimal equity).
In addition, the continued low interest rates and the demand for larger homes because of lockdown, means the Romford property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Romford estate agents, making the biggest disparity between supply and demand for Romford property for many years.
Fears of a cliff edge for the Romford 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 …
75% of Romford properties on the market are Sold (STC)
Interesting, when utilising data from theadvisory.co.uk website, the Romford average for the last five years has only been 53%, meaning there has been an uplift of 41.9% in the proportion of Romford properties sold (STC) compared to that five year average.
Yet what can’t be forgotten is that 9 out of 20 Romford house sellers are also Romford house buyers as well, so whilst they do indeed achieve a higher price for their Romford property, they also have to pay more for the Romford property they want to buy.
So, how much will Romford 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 25% fewer Romford properties for sale today compared to 2 years ago
Whilst February saw a lower than normal level of new properties coming onto to the Romford property market, the easing of lockdown road map and faster rollout of the vaccine is also persuading more Romford homeowners (especially those older Romford homeowners who have had their jabs) to start making the first steps towards moving home in 2021.
This will mean there will be more Romford 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 Romford property prices in check.
These are interesting times for the Romford property market. If you are a Romford homeowner or Romford landlord looking to buy or let your Romford 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.