Are we heading for a House Price Crash in Walsall?


Are we heading for a House Price Crash in Walsall?

Walsall house prices rose by 2.7% last month, according to the Land Registry. This means the annual rate of house price growth in Walsall has increased from 3.9% last year to 19.8% this year.  That is a whopping increase of 15.9%!!

Looking at the national figures, many people were concerned the UK property market was overheating as spring saw annual growth of 9.9%, the highest rate of house price growth documented since June 2007 when national house prices were rising by 10.8% p.a.

It was only a matter of a few months later the Credit Crunch hit, and the average value of a UK home plummeted from £190,032 to £154,452 in 18 months, a drop of 18.7%.

Government economic measures such as the Furlough Scheme and the Stamp Duty Holiday have so far shielded the Walsall property market from the worst economic recession since 1709.

So, the question is, can this growth in Walsall house prices continue, or is this the start of a house price crash?

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The Government’s 5% Mortgage Scheme and it’s Effect on the Walsall Property Market Explained

Walsall’s Goverment Backed 5% Deposit Mortgage Scheme

Just before lockdown there were around 400 ‘5% deposit mortgage’ deals and first-time buyers were able to shop around to get the best deal. When the first lockdown hit, 5% deposit mortgages disappeared, meaning that as many Walsall would-be first-time buyers were about to buy their first Walsall home in 2020, the rug was pulled from under their feet.

Today, you can count on two hands the number of mortgage deals which allow a 5% deposit.  Even worse, the number of hoops one has to jump through to get a 5% deposit mortgage is very high.  On top of that, you have to pay handsomely for the privilege, with mortgage rates of at least 3.95%.

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Moving House in Walsall During Covid Times

Moving House in Walsall During Covid Times


The property sector as a whole has been one of the highlights of the COVID-19 story so far.  After a shutdown of the industry in the first lockdown, the Government gave the go ahead for estate agents and lettings agents in Walsall to continue to work, meaning that people could still move.

The slight easing of restrictions coupled with the Stamp Duty Holiday gave our industry – and the economy – a real boost and according to the Office for National Statistics, UK average house prices “increased by 7.6% over the year to November 2020”, the highest growth rate since 2016.

We and other agents across the country have reported increased demand, and a strong appetite from both buyers and sellers to get moving.

And keep moving you can, but there are definite rules to be followed.

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Walsall Homeowners – Are you sabotaging the sale of your home?

Walsall Homeowners - Are you sabotaging the sale of your Home?
Walsall Homeowners – Are you sabotaging the sale of your Home?

Many of my blog reading friends contact me for various property related advice and as they will testify, I try my best to assist where I can.  As you can imagine I see a lot of property and meet both buyers and sellers alike so I get to see and hear from both sides.  As the market starts to pick up again after the usual winter lull, I have been approached by some sellers struggling to sell their property.  So here’s my tuppence worth…

…you’ve put your home on the market and now you’re eagerly waiting for those viewings to come rolling in.  You may be receiving some viewings but actual offers are lacking. Unbeknownst to you, you are sabotaging your sale.  The good thing is there is time to turn things around.

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