Cannock property market...

Cannock Property Market improved by 48.8% over pre-pandemic levels

Has there ever been a better time for Cannock home sellers?

The Cannock 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 Cannock property ladder with abandon.

Cannock 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 Cannock first-time buyers (and Cannock homeowners with minimal equity).

In addition, the continued low interest rates and the demand for larger homes because of lockdown means the Cannock property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Cannock estate agents making the biggest disparity between supply and demand for Cannock property for many years.

Fears of a cliff edge for the Cannock 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 …

64% of Cannock properties on the market are Sold (STC)

Interesting, when utilising data from theadvisory.co.uk website, the Cannock average for the last five years has only been 43%, meaning there has been an uplift of 48.8% in the proportion of Cannock properties sold (stc) compared to that five-year average. 

Yet what can’t be forgotten is that 9 out of 20 Cannock house sellers are also Cannock house buyers as well, so whilst they do indeed achieve a higher price for their Cannock property, they also have to pay more for the Cannock property they want to buy.

So, how much will Cannock 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 59% fewer Cannock properties for sale

today compared to 6 years ago

Whilst February saw a lower-than-normal level of new properties coming on to the Cannock property market, the easing of lockdown road map and faster rollout of the vaccine is also persuading more Cannock homeowners (especially those older Cannock homeowners who have had their jabs) to start making the first steps towards moving home in 2021.

This will mean there will be more Cannock 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 Cannock property prices in check.

These are interesting times for the Cannock property market. If you are a Cannock homeowner or landlord looking to buy or let your Cannock 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.