Southampton Property Market Improved by 28.7% Over Pre-pandemic Levels

Has there ever been a better time for Southampton home sellers?

 

The Southampton property market, for people looking to sell, is at its sturdiest for at least the last five years with home buyers jumping onto the Southampton property ladder with abandon.

Southampton 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 Southampton first-time buyers (and Southampton homeowners with minimal equity).

In addition, the continued low interest rates and the demand for larger homes because of lockdown means the Southampton property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Southampton estate agents, making the biggest disparity between supply and demand for Southampton property for many years.

Fears of a cliff edge for the Southampton housing market at the end of March have dispersed, somewhat due to the Stamp Duty tax deadline extensions, but also because of the elevated level of buyer demand caused by the three lockdowns which has continued to swell since the start of 2021, meaning that today …

 

66% of Southampton properties on the market are Sold (STC)

Interesting, when utilising data from theadvisory.co.uk website, the Southampton average for the last five years has only been 51%, meaning there has been an uplift of 28.7% in the proportion of Southampton properties sold (stc) compared to that five-year average.

  

Yet what can’t be forgotten is that 45% of Southampton house sellers are also house buyers, so whilst they do indeed achieve a higher price for their Southampton property, they also have to pay more for the Southampton property they want to buy.

So, how much will Southampton house prices rise by?

Like all things in life, it’s all about supply and demand. I have discussed the demand, yet what about the supply of properties for sale? Well…..

 

There are 5% more Southampton properties for sale today compared to 6 years ago

Nationally, in most UK towns and cities, the number of properties that are for sale today compared to same pre-Easter property markets of 2015 to 2019 are lower by around 10% to 20%, yet in Southampton the opposite is true. With the easing of lockdown started and the faster rollout of the vaccine, this has persuaded more Southampton homeowners (especially those older Southampton homeowners who have had their jabs) to start making the first steps towards moving home in 2021 and placing their property on the market for sale.

This will mean there will be more Southampton 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 Southampton property prices in check.

These are interesting times for the Southampton property market. If you are a Southampton homeowner or Southampton landlord looking to buy or let your Southampton 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.

 CLICK HERE TO FIND OUT HOW MUCH YOUR SOUTHAMPTON PROPERTY IS WORTH

If you would like to pick my brains on the Southampton Property Market – Just drop me a line on social media or email me @ brian.linehan@belvoir.co.uk you can also call me on 023 8001 8222.

If you are looking for an agent that is well established, professional and communicative, then contact me to find out how we can get the best out of your investment property.

 

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