The world is talking about the housing market in Birmingham. Having seen a surge in the amount of people moving from London to the Second City rather than stay in their extortionate homes, it is safe to say that we are seeing the biggest “Boom Time” in 10 to 15 years. Watch our own property guru talk on this topic on BBC Midlands News here.
According to the Office of National Statistics, the ONS, the East Midlands reported the fastest rise in the price of renting or buying a home in the past year. House prices in places like Nottingham, Leicester and Derby, increased by 7.5% by the end of July. We also saw rental price rise by 2.8% by the end of August, which are the fastest in Britain.
Across the UK, house prices have risen 5.1%, which have slowed since mid-2016. The average house price is now £226,000. These figures also show that rental fees paid by to private landlords increased by 1.6% on average in the year to the end of August. However this is down from 1.8% the previous month. All parts of England saw a rise in rents over the past year, but the fastest increase was in the East Midlands. The second fastest after the East Midlands was in the East of England with a percentage of 7.1%. This only consolidates the idea that the Midlands property market, as well as national property market, are on the up.
As suspected, the slowest property price growth in England was found to be in London, noting a substantial reversal from the pricing surge demonstrated in the capital in recent years. It was stated on BBC Midlands Today that “Londoners are moving out of the capital and paying over the asking price here.” However, the average cost of a home in London, at £489,000, which is still much higher when compared with the average cost of £185,000 in the East Midlands.
Bobby Singh, co-founder of loveyourpostcode.com®, comments: “We are only seeing an increase in enquires from all over the world as we approach autumn/ winter. Most of our new instructions are not being listed on property portals as they are being sold for the full asking price or over to private clients. Let take into consideration 7% annual growth in house values, mortgage interest rates of around 2.00%, chronic shortage of housing stock, lowest level of unemployment and massive development in the city centre.”
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