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Supply & Demand means Birmingham Property Values Rose by 6.1% in the Last Year

The most recent set of data from the Land Registry has stated that property values in Birmingham and the surrounding area were 6.12% higher than 12 months ago and 16.72% higher than January 2015.

Despite the uncertainty over Brexit as Birmingham (and most of the UK’s) property values continue their medium and long-term upward trajectory. As economics is about supply and demand, the story behind the Birmingham property market can also be seen from those two sides of the story.

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The top tourist areas to visit in our great city of Birmingham

The Cube has a selections of great restaurants

Birmingham has plenty going for it and no matter what you like or enjoy in life, you’ll find that there is plenty to see and do. While the area is home to many people and a place of work to even more individuals, Birmingham welcomes a considerable number of tourists. This means that there are many tourist areas to look out for, and these are some of the top tourist areas to visit in Birmingham.

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A look at the Birmingham property market over the last 12 months

With Birmingham being the second largest city in the United Kingdom after London, and with a population of 1,101,360; this is a city that is one of the busiest and most vibrant in the whole country. If you take a look at the metropolitan area figures for Birmingham, you’ll find that there is a population of 3.8 million which sees Birmingham listed in the Top 10 for most populated metropolitan areas in Europe.

With so many people already living in the area, and so many other people looking to move to the area, it is understandable that many people across the world have an interest in the Birmingham property market and any changes that have occurred over the last 12 months.

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What will the General Election do to 224,761 Birmingham Homeowners?

Image showing the 6 largest party logo created by Kari-Ruth Pedersen

In Birmingham, of the 416,130 households, 104,911 homes are owned without a mortgage and 119,850 homes are owned by a mortgage. Many homeowners have made contact with me asking what the General Election will do the Birmingham property market. The best way to tell the future is to look at the past.

I have looked over the last five general elections and analysed in detail what happened to the property market on the lead up to and after each general election. Some very interesting information has come to light.

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How has living in Birmingham City Centre Changed?

Photograph of the old street pattern in the Bull Ring. The last day for street trading here was September, 12th 1959. The photograph was taken in late 1959. Credit to ePapers Repository.

There have been significant changes in the heart of Birmingham in recent years and over the past decade. Back in 2003, the Bullring development was a major level of work and it paid off, bringing a greater volume of footfall through the shopping district than had been predicted. This helped to make Birmingham one of the leading shopping hotspots in the whole of Europe, something the city took great pride in.

On the back of this, and a level of demand for city living, there were a number of housing developments and new property being added to the city centre skyline. However, the most prominent changes in the heart of the city relate to the main transport hub in Birmingham, New Street Station.

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Should the 96,637 home owning OAP’s of Birmingham be forced to downsize?

This was a question posed to me on social media a few weeks ago, after an interesting discussion with some clients about our mature members of Birmingham society and the fact many retirees feel trapped in their homes. After working hard for many years and buying a home for themselves and their family, the children have subsequently flown the nest and now they are left to rattle round in a big house. Many feel trapped in their big homes (hence I have dubbed these Birmingham home owning mature members of our society, ‘Generation Trapped’).

So, should we force OAP Birmingham homeowners to downsize?

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New price record and best sales since 2007 should mitigate pre-election jitters

A chart showing the property market changes since April 2012.

Rightmove’s latest report shows the average price of property coming to market has hit a record high. This month’s 1.1% (+£3,547) rise has pushed the national average to £313,655, exceeding the previous high of £310,471 set in June 2016.

This has been driven by strong buyer demand, with the highest number of sales agreed at this time of year since 2007, before the credit crunch. While the run-up to an election creates a degree of uncertainty and often a pause in activity, this strong set of figures should help mitigate pre-election jitters.

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