Birmingham Bucks Brexit Blues
Wed 21 Nov 2018
Setting the Trend Not Following It
Birmingham is bucking the trend on the Brexit uncertainty that's elsewhere causing ripples across many business sectors. Most recently, the property sector news suggests the industry is suffering from a lack of confidence in both buyers and sellers committing to action before the outcome of Brexit. However, The Midlands is resolutely not following suit.
Birmingham has a lot going for it, besides its ease to create alliteratively pleasing blog titles. The countries second city is frankly awash with positivity, and that’s not just the general personality traits of its inhabitants! You’d be forgiven for assuming that The Midlands would follow the trends being set by the capital with regards to the housing market. Not so!
National Statistics Are Not Surprising
November typically sees a drop in the average asking price of houses, as those committed to selling want to complete before Christmas. Therefore, a national drop of 1.7% (-£5,222) is not so very unusual. The Midlands region meanwhile sees an average price drop of only 1.5% which is less than anywhere else.
Additionally, the number of sales agreed has increased by 1% compared to the same period in 2017. This indicates a more considered approach to house purchases as opposed to a fast track to market stagnation as some would have us believe. *
Birmingham Sustains Housing Growth
Birmingham appears set to defy these trends and instead enjoys a continued state of buoyancy. The proof is in the statistics - this month’s hottest markets are in the B44 and B27 postcode areas of Birmingham. **
- Birmingham year on year price change in Aug’18/Q2 ’18 – 3.5%
- Average time to sell – 51 days – the quickest in England!
Continued Positive Vibes from The Midlands
These positive figures are a real show of the continued confidence of buyers in the Midlands. We see house prices continue to rise across suburbs such as Moseley and Kings Heath, and the redevelopment of outer city areas such as Northfield looks set to continue this trend.
*Source – RightMove House Price Index
**Source – The Advisory