Lewisham Property Market Improved by 37.3% Over Pr

Lewisham Property Market Improved by 37.3% Over Pre-Pandemic Levels

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

The Lewisham property market, for people looking to sell, is at its sturdiest for at least the last five years with home buyers jumping onto the Lewisham property ladder with abandon.
Lewisham house prices are anticipated to rise throughout 2021 after the Stamp Duty cut (and subsequent extension until the summer/autumn) and the newly revealed 95% mortgages for Lewisham first-time buyers (and Lewisham homeowners with minimal equity).
In addition, the continued low interest rates and the demand for larger homes because of lockdown, means the Lewisham property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Lewisham estate agents, making the biggest disparity between supply and demand for Lewisham property for many years.
Fears of a cliff edge for the Lewisham 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 …


55% of Lewisham properties on the market are Sold (STC)


Interesting, when utilising data from theadvisory.co.uk website, the Lewisham average for the last five years has only been 40%, meaning there has been an uplift of 37.3% in the proportion of Lewisham properties sold (STC) compared to that five year average.






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


So, how much will Lewisham 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 25% fewer Lewisham properties for sale today compared to 3 years ago


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


This will mean there will be more Lewisham 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 Lewisham property prices in check.
These are interesting times for the Lewisham property market. If you are a Lewisham homeowner or Lewisham landlord looking to buy or let your Lewisham 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.


Written by Neil Raja


Click here to read about Lewisham First-time Buyers Can Now Buy Using 5% Deposit Mortgages

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