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.
The tightrope of being a Birmingham buy-to-let landlord is a balancing act many do well at. Talking to several Birmingham landlords, they are very conscious of their tenants’ capacity and ability to pay the rent and their own need to raise rents on their rental properties (as Government figure shows ‘real pay’ has dropped 1% in the last six months). Evidence does however suggest many landlords feel more assured than they were in the spring about pursuing higher rents on their Birmingham buy-to-let properties.
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.
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.
The 2017 Spring Budget began with Chancellor Hammond saying that the British economy has shown a robust level of growth and that this growth has confounded the commentators who predicted doom and gloom in the aftermath of the Brexit vote.
Most expectations are that this will be a reserved budget from Chancellor Phillip Hammond, in what could be the last important Spring Budget for a while. This is because Hammond has decided to move all major announcements to the Autumn Budget schedule, but there will still be a number of big announcements in this budget. Here is what to expect from the Spring Budget of 2017.
Despite higher house prices, there were more first-time buyers in 2016 than at any time since the financial crisis. Continue reading
Birmingham is the most popular destination for people moving from London, official figures show.
More than 6,000 people left the capital for England’s second city last year, according to the latest internal migration statistics.
There’s still a lot of uncertainty surrounding the EU Referendum result. Guy Vaughan, senior valuer at Love Your Postcode explores the aftermath of Brexit on the property market.
Following Brexit, the Bank of England decided to keep the interest rate a 0.5 per cent, indicating the economy and the UK property market is stronger than expected.