Will Rugeley house...

Posted on Tuesday, April 27, 2021

One of the most astounding things that has happened in the last 12 months was something that did not happen. Even after the country saw the deepest recession since the Great Freeze of 1709 with GDP dropping 28% in one quarter, one would have expected a large fall in Rugeley house prices would follow. Yet…

Rugeley house prices are 13.7% higher than 12 months ago.

Even though buying and selling Rugeley property was put on ice for the first time in the history of the Rugeley property market last spring due to the Covid 19 outbreak, as the Rugeley property market wobbled on the edge of deep recession, it stepped back in early summer and now it is rocketing upwards as…

23.1% of Rugeley homes are selling within a fortnight of coming to market. 

Some commentators have suggested the end of the Stamp Duty holiday together with the ending of the furlough scheme on the 30th September 2021 could be the catalyst for a drop in house prices. Even the Government’s own regulator of finances expects UK house prices to fall around a couple of percentage points in 2022 whilst some others have predicted around a 5% drop as unemployment levels increase post furlough.

However, other property market forecasters believe that property values in 2022 won’t drop against the background of robust British economic recovery in Q3 and Q4 of 2021.

 

What do I think will happen to the Rugeley property market in the next 12 months?

On the positive side, what I do know is the Stamp Duty holiday enabled Rugeley homebuyers to spend those tax savings on the price paid for their Rugeley home and that certainly accounts for some of the uplift in house prices mentioned above.

Also, the historically low interest rates that have supported Rugeley homebuyers’ affordability for the last 13 years since the Credit Crunch has continued. Secondly, with people spending many months working from home, this has seemed to have polarised people’s inclination to make lifestyle changes. Finally, the Government has recently introduced 5% deposit mortgages for first-time buyers. All these factors will fuel demand and hence may cause house prices to rise.

On a more cautious note, I do not believe these very sturdy Rugeley house value rises of the past year will persist at these levels for the next 12 months. With buyers having to use many thousands of pounds on Stamp Duty, the price they pay for their Rugeley home will be curtailed, meaning property values by definition will ease. 

The simple fact is the British economy has yet to feel the full effect of its largest recession since 1709, and we must remain considerate about the long-term effects of the economy (and unemployment levels) on the property market.

These are interesting times for the Rugeley property market. If the price you want to achieve for your Rugeley home is the most important thing, now as opposed to 2022 might be a good time to consider placing your property on the market.

Don’t forget, you can still put your Rugeley property on the market, find a buyer and then go and see what is available to buy. Many buyers will wait for you to find a property, yet if they can’t/won’t – you won’t be made homeless. English property law means you can still come away from the sale and you won’t be forced to sell. If you would like to know a bit more about that or any aspect of buying or selling property in Rugeley, drop me a message or call me.

 

 

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Director - MNAEA AARLA

I set up C residential in 2002 and opened up the doors in January 2003. The company has gone through periods of growth and restructuring over the last 20 years. The last couple...

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I am Rugeley through and through. I love the town and feel very proud to have worked at C residential since 2016. I love the variety of this job and meeting the many new people...

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I started at the company in 2021. I have lived in Rugeley all of my life. After having personal experience of using C res for many years when I have bought and sold, I...

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Sales Negotiator

I have lived in and around Rugeley all of my life. The best part of this job is knowing that we are helping people move forward with their future plans. I absolutely love...

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I joined C residential in 2016 as a Negotiator. I absolutely love the company ethos and values. We have a great team of property professionals who all work as a team to create...

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Hi I liked working at C residential that much that I have joined the team twice ! I now run the Lettings Department which launched in 2024. I am excited to welcome old and new...

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