Is the Midlands Experiencing a Mini-Boom?
According to Rightmove, the Midlands could be experiencing a mini property boom, at a time when other towns and cities are experiencing a slower market. Over the past few years, house price growth in London has made the capital largely unaffordable for young professionals. Residential buyers have thus had to look elsewhere to settle down. The same is true for investors who have been struggling to find suitable property in the Capital.
Cities like Birmingham have seen an influx of young professionals from London. Good employment prospects and cheaper properties have made Birmingham into an attractive proposition for Londoners. Other towns like Northampton have also benefited from Londoners wishing to commute back to the City.
Buy to let investors that can no longer achieve good yields in London are also now investing further north to benefit from strong rental demands and higher yields. This is true for both single occupancy and HMO properties in areas like Birmingham.
This interest in town and cities north of London will help property prices in these regions. Countrywide are expecting prices to rise by 2.5% in the Midlands and to deplete by 1.5% in Central London by the end of 2017.
Going forward, we expect this trend to continue. London property is expensive for both buy to live and buy to let investors. Other parts of the country especially the Midlands are experiencing a mini-boom and are currently unaffected by any property slump that may be experienced elsewhere.
Robert Oulsnam & Company are very active in the Midlands and are receiving new property instructions daily. We know the market very well and can always point you in the right direction.
If you wish to have a chat with our property experts, please contact us and we’ll be more than happy to help.