The Banbury 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 Banbury property ladder with abandon.
Banbury 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 Banbury first-time buyers (and Banbury homeowners with minimal equity).
In addition, the continued low interest rates and the demand for larger homes because of lockdown means the Banbury property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Banbury estate agents making the biggest disparity between supply and demand for Banbury property for many years.
Fears of a cliff edge for the Banbury 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 …
46% of Banbury properties on the market are Sold (STC)
Interesting, when utilising data from theadvisory.co.uk website, the Banbury average for the last five years has only been 32%, meaning there has been an uplift of 45.9% in the proportion of Banbury properties sold (stc) compared to that five-year average.
Yet what can’t be forgotten is that 9 out of 20 Banbury house sellers are also Banbury house buyers as well, so whilst they do indeed achieve a higher price for their Banbury property, they also have to pay more for the Banbury property they want to buy.
So, how much will Banbury 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 17% fewer Banbury properties for sale today compared to 3 years ago
Whilst February saw a lower-than-normal level of new properties coming on to the Banbury property market, the easing of lockdown road map and faster rollout of the vaccine is also persuading more Banbury homeowners (especially those older Banbury homeowners who have had their jabs) to start making the first steps towards moving home in 2021.
This will mean there will be more Banbury 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 Banbury property prices in check.
These are interesting times for the Banbury property market. If you are a Banbury homeowner or landlord looking to buy or let your Banbury 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.