Rugeley Property market...

Rugeley Property Market Improved by 54.8% Over Pre-pandemic Levels

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

The Rugeley property market, for people looking to sell, is at its sturdiest for at least the last five years with home buyers jumping onto the Rugeley property ladder with abandon.

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

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

Fears of a cliff edge for the Rugeley 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 …

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

Interesting, when utilising data from theadvisory.co.uk website, the Rugeley average for the last five years has only been 41%, meaning there has been an uplift of 54.8% in the proportion of Rugeley properties sold (stc) compared to that five-year average. 

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

So, how much will Rugeley 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 67% fewer Rugeley properties for sale today compared to 6 years ago

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

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

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