The Birmingham Jewellery Quarter 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 Birmingham Jewellery Quarter property ladder with abandon.
Has there ever been a better time for Birmingham Jewellery Quarter home sellers?
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Birmingham Jewellery Quarter 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 Birmingham Jewellery Quarter first-time buyers (and homeowners with minimal equity).
In addition, the continued low interest rates and the demand for larger homes because of lockdown means the Birmingham Jewellery Quarter property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Jewellery Quarter estate agents making the biggest disparity between supply and demand for Birmingham Jewellery Quarter property for many years.
Fears of a cliff edge for the Jewellery Quarter 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 …
52% of Birmingham Jewellery Quarter properties on the market are Sold (STC)
Interesting, when utilising data from theadvisory.co.uk website, the Birmingham Jewellery Quarter average for the last five years has only been 37%, meaning there has been an uplift of 40.9% in the proportion of Jewellery Quarter properties sold (SSTC) compared to that five-year average.
Yet what can’t be forgotten is that 9 out of 20 Jewellery Quarter house sellers are also house buyers as well, so whilst they do indeed achieve a higher price for their Birmingham Jewellery Quarter property, they also have to pay more for the property they want to buy.
So, how much will Birmingham Jewellery Quarter 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 39% fewer Birmingham Jewellery Quarter properties for sale today compared to 6 years ago
Whilst February saw a lower-than-normal level of new properties coming on to the Jewellery Quarter property market, the easing of lockdown road map and faster rollout of the vaccine is also persuading more Birmingham Jewellery Quarter homeowners (especially those older homeowners who have had their jabs) to start making the first steps towards moving home in 2021.
This will mean there will be more Birmingham Jewellery Quarter 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 Birmingham Jewellery Quarter property prices in check.
These are interesting times for the Birmingham Jewellery Quarter property market. If you are a Jewellery Quarter homeowner or landlord looking to buy or let your Jewellery Quarter property in the coming weeks or months, don’t hesitate to drop me a line to discuss what all the points raised in this article mean to you.