Housing Bubble? What Housing Bubble?
Popping the myth about property prices in Birmingham & the Midlands
Recently speculation has been rife in the national media regarding the threat of a UK wide 'property bubble' and its potential impact on both the housing market and British economy. Home and residential property owners, as well as people looking to buy, could be rightly worried about how this is going to affect the value of their properties.
However, as leading estate agents and residential letting agents in Birmingham and North Worcestershire, Robert Oulsnam and Company have a unique insight into the local situation - one which leads them to ask the question "Housing bubble? What Birmingham housing bubble..?"
The truth is that although areas of London and the south have seen meteoric rises in property prices of around 20% over the last year the picture in other areas of the country is actually quite different. In some places the rise has actually been much less - in parts only 1% or 2%. In order to provide a UK wide picture the national media has used these two widely differing figures to give an average increase over 12 months of around 11% - a figure which is simply not accurate for large parts of Birmingham and North Worcestershire.
Insofar as the local housing situation is concerned the real situation is that the number of transactions is actually still well down on what estate agents would see as a 'normal' market. Coupled with what they consider to be still quite modest house price rises in Birmingham and the surrounding areas Robert Oulsnam and Company are unconvinced that a 'housing bubble' is running rampant locally.
Senior Partner, Andrew Oulsnam, is keen to reassure anyone looking to buy, sell or let a house or residential property in or around Birmingham, to treat current talk of any 'property price boom' in the national press with a large pinch of salt.