Wisbech Property Market Improved by 56.4% Over Pre-pandemic Levels
Has there ever been a better time for Wisbech home sellers?
The Wisbech property market, for people looking to sell, is at its sturdiest for at least the last five years with home buyers jumping onto the Wisbech property ladder with abandon.
Wisbech 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 Wisbech first-time buyers (and Wisbech homeowners with minimal equity).
In addition, the continued low interest rates and the demand for larger homes because of lockdown means the Wisbech property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Wisbech estate agents, making the biggest disparity between supply and demand for Wisbech property for many years.
Fears of a cliff edge for the Wisbech 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 …
53% of Wisbech properties on the market are Sold (STC)
Interesting, when utilising data from theadvisory.co.uk website, the Wisbech average for the last five years has only been 34%, meaning there has been an uplift of 56.4% in the proportion of Wisbech properties sold (stc) compared to that five-year average.
Yet what can’t be forgotten is that 9 out of 20 Wisbech house sellers are also Wisbech house buyers as well, so whilst they do indeed achieve a higher price for their Wisbech property, they also have to pay more for the Wisbech property they want to buy.
So, how much will Wisbech 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 35% fewer Wisbech properties for sale today compared to 6 years ago
Whilst February saw a lower-than-normal level of new properties coming onto the Wisbech property market, the easing of lockdown roadmap and faster rollout of the vaccine is also persuading more Wisbech homeowners (especially those older Wisbech homeowners who have had their jabs) to start making the first steps towards moving home in 2021.
This will mean there will be more Wisbech 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 Wisbech property prices in check.
These are interesting times for the Wisbech property market. If you are a Wisbech homeowner or Wisbech landlord looking to buy or let your Wisbech 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.