Property Market Overview – Birmingham
18 December 2013
The West Midlands have been one of the areas of the country worst affected by the recession in terms of housing prices. However, the good news is that the area is now seeing one of the biggest increases in buyer activity. While in many ways, recovery is progressing slower than the national average, there have been some promising developments in the property market in Birmingham. Housing prices are rising, and first time buyers are getting access to credit that allows them to spend more on their first home.
Midlands’ property prices showing promising growth
After London, the Midlands has seen the biggest growth in property prices of any region in the UK. There has been a 3.1 percent rise in the price of property in the Midlands, compared to a growth of 2.8 percent in the South East. While there was a 0.6 percent increase in UK property prices in November, housing prices are still 6 percent lower than the peak housing prices of 2007. As housing prices continue to rise, and rises are forecast for the near future, more and more lenders are offering competitive mortgage deals, including fixed rate mortgages, and low deposit mortgages. These things are allowing first time buyers access to the funds they require in order to get onto the property ladder.
Housing prices forecast to rise
In other good news for the property market, prices in the Midlands are forecast to rise by almost 15 percent by 2018. It seems that the rise of 4.8 percent on prices in the Midlands last year is set to continue, although the predicted growth will be slightly short of the national average (17 per cent). The West Midlands is performing better than the East Midlands, with a price growth 0.5 percent higher than its neighbour.
Regardless of area, these rises are good news for the property market in Birmingham. And with the government’s plans for the high speed rail connection to London, it seems that the city could well be on its way to recovery.
Estate Agents believe Help to Buy scheme will help the market
The Government’s Help to Buy scheme is aimed at helping first time buyers get on the property market. According to a recent survey, estate agents across the country believe that the scheme is going to drastically help property sales, with 85 percent predicting a rise in sales of up to 30 percent. This is good news for Birmingham – often called the UK’s ‘Second City’, which has been hit hard by the recession, like much of the Midlands.
Homebuyer services from Allcott Associates
If you are looking to buy a home in Birmingham, you want to make sure you know every little detail. Buying a property is a huge investment, and surprises can be costly. Our surveying services in the Midlands allow you to get to know your intended home inside out, assessing areas that need work, and identifying potential problems.