The Hastings 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 Hastings property ladder with abandon.
Hastings 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 Hastings first-time buyers (and Hastings homeowners with minimal equity).
In addition, the continued low-interest rates and the demand for larger homes because of lockdown means the Hastings property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Hastings estate agents making the biggest disparity between supply and demand for Hastings property for many years.
Fears of a cliff edge for the Hastings 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 …
72% of Hastings properties on the market are Sold (STC)
Interesting, when utilising data from the theadvisory.co.uk website, the Hastings average for the last five years has only been 46%, meaning there has been an uplift of 56.5% in the proportion of Hastings properties sold (STC) compared to that five-year average.
Yet what can’t be forgotten is that 9 out of 20 Hastings house sellers are also Hastings house buyers as well, so whilst they do indeed achieve a higher price for their Hastings property, they also have to pay more for the Hastings property they want to buy.
So, how much will Hastings house prices rise by?
Like all things in life, it’s all about demand and supply. We have discussed the demand, yet what about the supply of properties for sale?
There are 36% fewer Hastings properties for sale today compared to 6 years ago
Whilst February saw a lower-than-normal level of new properties coming on to the Hastings property market, the easing of the lockdown road map and faster rollout of the vaccine is also persuading more Hastings homeowners (especially those older Hastings homeowners who have had their jabs) to start making the first steps towards moving home in 2021.
This will mean there will be more Hastings 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 Hastings property prices in check.
These are interesting times for the Hastings property market. If you are a Hastings homeowner or landlord looking to buy or let your Hastings property in the coming weeks or months, don’t hesitate to give us a call on 01424 442 443 to discuss what all the points raised in this article mean to you.