Sun 01 Sep 2019
Year on Year Increases for Bearwood House Prices
Bearwood continues to be an up and coming suburb of Birmingham. In the last few months we have been lucky enough to have participated in a good number of locally organised community events, and we also sponsored the Bearwood Street Festival. These events are not just super awesome fun, they also go a long way to raise the profile of an area, and in turn help to sustain a price increase in the housing market.
We know that the West Midlands continues to buck the national housing market trends, but you might be surprised at how much. In fact, 2016 saw an average house price of £167k. 2017 increased that by 18%, and the last year saw a 5% increase on that. So, in the last two years, the average house price has increased to £208,011! This is definitely good news for people who got in on the action then, but, what does this mean for potential buyers looking to put down roots in the area?
Well, with mortgage approvals remaining strong, as is the employment level; this coupled with low interest rates means that now is definitely a good time for buying a house in Bearwood. A lot of the housing stock are beautiful character terraced properties. With an average terraced house price currently £183,091, this is an affordable price point for people looking to get on the property ladder, in a location that offers some excellent local amenities as well as a friendly, community vibe to the area. Our Bearwood sales office is looking forward to seeing this trend continue over the remainder of 2019.