Has there ever been a better time for Torbay home sellers? 🤔

Has there ever been a better time for Torbay home sellers? 🤔

If you are a Torbay homeowner or landlord, you should read this to find out what will happen to the Torbay property market in the coming months...

Torquay Property Market Improved by 53.3% Over Pre-pandemic Levels
Has there ever been a better time for Torquay home sellers?
The Torquay property market, for people looking to sell, is at its sturdiest for at least the last five years with home buyers jumping onto the Torquay property ladder with abandon.
Torquay 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 Torquay first-time buyers (and Torquay homeowners with minimal equity).

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

Fears of a cliff edge for the Torquay 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 …

50% of Torquay properties on the market are Sold (STC)

Interesting, when utilising data from theadvisory.co.uk website, the Torquay average for the last five years has only been 33%, meaning there has been an uplift of 53.3% in the proportion of Torquay properties sold (stc) compared to that five-year average.

Yet what can’t be forgotten is that 9 out of 20 Torquay house sellers are also Torquay house buyers as well, so whilst they do indeed achieve a higher price for their Torquay property, they also have to pay more for the Torquay property they want to buy.

So, how much will Torquay 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 38% fewer Torquay properties for sale today compared to 5 years ago

Whilst February saw a lower-than-normal level of new properties coming onto the Torquay property market, the easing of lockdown roadmap and faster rollout of the vaccine is also persuading more Torquay homeowners (especially those older Torquay homeowners who have had their jabs) to start making the first steps towards moving home in 2021.

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

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

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