25 Sep Property Market Overview the Midlands
Housing is regularly in the news at the moment. Whether arguing over a cap on lending rates or discussing the government’s Help to Buy scheme, the housing market is often the focus of attention. But as a homebuyer, you are most likely to be interested in one thing: the cost of properties at the present.
If you are a homebuyer living in the Midlands, getting an overview of the current property market can give you a good idea of what to expect. It allows you to gauge prices, anticipate the kind of finance you will need, and identify which way the market is likely to move in the future. Here’s an overview of this year’s figures for the property market in the Midlands.
UK property market overview
Between April and June this year, the total value of British homes grew by about £156billion. Property values across all regions of the UK rose by at least 2 per cent, for the first time since 2008, taking the total value of residential stock to £6.2trillion. Experts claim that these figures show confidence is returning to the housing market, and considering August was the third consecutive month that house prices have grown at a rate above inflation, this would seem to be true.
East Midlands property market overview
The East Midlands has seen the biggest increase in housing prices between June and April, with a rise of £4,495, or 2.8 per cent. The price increase was almost a tenth of a percentile larger than the average growth of house prices in London, which came out at 2.71 per cent. The average value of house prices in the East Midlands, as of July 2013, has grown to £165,910.
West Midlands property market overview
The West Midlands saw the same growth rates as the East Midlands in terms of percentage. The average house price at the end of the first quarter of 2013 was £172,455. The West Midlands has also benefited from a growth in buyer activity. According to the Royal Institute of Chartered Surveyors, July saw the highest levels of buyer interest in the area for the past 14 years. Figures have reached their highest point since collecting the data first began.
The figures from the first and second quarters of this year paint a hopeful picture for the Midlands property market. Both housing prices and buyer interest have risen. As long as the banks keep lending and the economy continues to grow, things are looking hopeful for the future of the property market in the area.
Property survey services from Allcott Associates
If you are thinking of buying a property Allcott Associates can provide a range of services to help make the process as easy and risk free as possible. From mortgage valuations to structural services, we can provide help and guidance on the property you are intending to purchase, so you can be sure it is right for you. Contact us today for more information.