Sawbridgeworth and Bishop’s Stortford Homeowners Have Turned to the Rental Market to Cash in by £13,200 Each - What's Happening? Book a Property Valuation

Sawbridgeworth and Bishop’s Stortford Homeowners Have Turned to the Rental Market to Cash in by £13,200 Each

Sawbridgeworth and Bishop’s Stortford Homeowners Have Turned to the Rental Market to Cash in by £13,200 Each

Market News Adam Mackay 31st August 2021

Should you sell or should you buy in this most interesting Sawbridgeworth and Bishop’s Stortford property market?

 

I have calculated that at least 87 Sawbridgeworth and Bishop’s Stortford house sellers have rented a home to break their house chain in the last 12 months, although at a cost as they face paying many thousands of pounds in rent. 

 

There are a number of reasons behind this. One is because they cannot find another Sawbridgeworth or Bishop’s Stortford property to buy amidst a continuing shortage of new Sawbridgeworth and Bishop’s Stortford properties coming to the market. Although, there are others who have achieved such a high price for their home they have decided to cash in and are (hopefully for them) waiting for the Sawbridgeworth and Bishop’s Stortford property market drop?

 

Or will it drop? (More on that later).

 

Those selling their home have seen the …

 

average Sawbridgeworth and Bishop’s Stortford home rise

in value in the last 12 months by £13,200.

 

Yet, if they have had to go into private renting, they have paid for that privilege in the rent they have had to pay.

 

The average cost of a six-month rental agreement in Sawbridgeworth and Bishop’s Stortford is £7,377, meaning accidental Sawbridgeworth and Bishop’s Stortford tenants have pumped £641,803 into the Sawbridgeworth and Bishop’s Stortford rental market in the last 12 months.

 

The unevenness between the number of properties for sale and demand for them is at its widest since the early 2000’s. Whilst we have seen a slight improvement in the number of properties for sale in Sawbridgeworth and Bishop’s Stortford, there are still …

 

26% fewer homes up for sale today in Sawbridgeworth and Bishop’s Stortford, compared to August last year.

 

This serious shortage of Sawbridgeworth and Bishop’s Stortford property for sale is discouraging some hesitant Sawbridgeworth and Bishop’s Stortford homeowners from putting their property on to the housing market, anxious they will not be able to find their next home and will be left renting.

Yet some savvy Sawbridgeworth and Bishop’s Stortford homeowners are moving into a rented property as a way to navigate the shortage of properties to buy. If you have someone offering you top dollar for your Sawbridgeworth or Bishop’s Stortford home, whilst you will have the hassle of two moves, the increase in value of your Sawbridgeworth or Bishop’s Stortford home will more than offset the rent. 

 

Also, when you come to buy your next Sawbridgeworth or Bishop’s Stortford home, you will be chain free and in pole position to buy your ‘forever home’, rather than being overlooked for the home because you are sold stc and burdened with a chain.

 

Yet this trend has made life tougher for long-term Sawbridgeworth and Bishop’s Stortford tenants.

 

On average there were normally 130 to 155 properties available to rent in Sawbridgeworth and Bishop’s Stortford on Rightmove at any one time (pre-pandemic), today there are only 65 available.

 

To give you an idea of how this has affected the Sawbridgeworth and Bishop’s Stortford rental market, with heightened demand and lower supply, demand for rental properties has grown to such an extent …

 

the average rent in Sawbridgeworth and Bishop’s Stortford has grown from £1,230 per month a year ago to £1,350

per month today.

 

Tenants are suffering from less choice and higher rents in the Sawbridgeworth and Bishop’s Stortford property rental market, with few indications it’s going to significantly ease on the run up to Christmas.

 

So, what is going to happen to the Sawbridgeworth and Bishop’s Stortford property market? 

 

Well, those of you that follow me know I regularly write about the Sawbridgeworth and Bishop’s Stortford property market in my property blog. If you would like some recent articles I have written about the future of the local property, either drop me a line and I will send you some links to those posts, send me a DM or contact me by telephone.

01279 600 567 or email hello@mackayproperty.co.uk

In the meantime, please do share your thoughts on the matter in the comments.

Or book a free, instant online valuation of your home to see how much it's worth today > https://bit.ly/36P5lDc

 

Contact us
t: 01279 600 567

e: sales@mackayproperty.co.uk

Mackay Property HQ
25 Bell Street
Sawbridgeworth
CM21 9AR

 

Mackay Property T/A
Mackay Property Agents Limited. Registered in England.  Company No: 7150877.  Registered Office Address: 25 Bell Street, Sawbridgeworth, Hertfordshire, CM21 9AR.   Mackay Property Lettings Limtied 
Registered in England.  Company No: 7235073.   Registered Office Address: 25 Bell Street, Sawbridgeworth, Hertfordshire, CM21 9AR.   All rights reserved. Terms and Conditions Privacy Policy Cookie Policy