Why Is The Ceredigion Property Market Red-Hot Right Now?
The housing market has seen busiest months for over ten years! Buyers and sellers have been rewriting the housing market rulebook this summer as more people are moving home than ever before.
July and August is typically a quieter time of year as people go away on their summer holidays, but these past few months have been extraordinarily busy for home-movers across Ceredigion.
Earlier this month saw the UK record its highest temperature in 17 years. And it’s not just the weather that’s been red-hot. The property market in Aberystwyth is going through such a busy period! We are seeing a surge in the number of buyers seeking a property.
What have we seen and what do we think at Alexanders?
This is positive news for both the property sector, and the wider economy. The market has picked up since lockdown restrictions were lifted. Pent-up buying demand is a key factor for this post-lockdown emergence, as is the increased demand for living space and gardens. As many of us continue to work from home, people have realised business can function well while doing so, and so no longer want to commute into big cities five days a week, or live in urban environments closer to offices.
We have found there is real demand to live in rural locations providing green space. The recently announced stamp duty holiday is another market accelerator too, with many investors and buyers exploiting the savings that are to be made. We’ve also seen stock levels increase – growing supply gives buyers more choice. These figures are extremely positive, but unlikely to lead to a sustained boom in prices.
So why is this happening?
Desire
Since lockdown lifted, people have realised that they want more from their current home. All that time we have spent together indoors have led to families and individuals thinking about where and how they live.
Some people want to upsize, some people want to downsize. Lockdown has accelerated many people's decision making processes and rather than wait a couple of years to move, they feel like now is the right time. We have found that more people are moving to be closer to their families in case of another lockdown, several buyers and sellers are concluding that life is too short to delay big decisions.
Demand
When the property market in Ceredigion went into lockdown it meant all moves were on hold. This caused a ‘blockage’ in the property selling/buying pipe. The relaxation of lockdown and reopening of the property market has seen a surge in demand. And where there is a demand for homes, it creates an increase in their value. So, many homeowners have realised now is a great time to make the most from their biggest tax-free asset.
Duty
The Stamp Duty Land Tax holiday for properties under £250,000 means more people now have a larger deposit, making mortgages more available and in many cases increasingly affordable.
Since these three factors have come together in the same period this has created the perfect climate for a red-hot property market!
We are running low on stock, our houses are going like hotcakes!
Get in touch today to see how we can help you sell your home quickly and help you move on.
Take care,
The Alexanders Team.