According to the Land Registry’s latest House Price Index for Birmingham and the surrounding locality, the value of apartments/flats are rising at a faster rate than terraced/town houses, semi-detached properties and even detached property.
Architects of Invention replicate one the seven wonders of the ancient world with this unique design for a residential development in Birmingham.
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.
There have been significant changes in the heart of Birmingham in recent years and over the past decade. Back in 2003, the Bullring development was a major level of work and it paid off, bringing a greater volume of footfall through the shopping district than had been predicted. This helped to make Birmingham one of the leading shopping hotspots in the whole of Europe, something the city took great pride in.
On the back of this, and a level of demand for city living, there were a number of housing developments and new property being added to the city centre skyline. However, the most prominent changes in the heart of the city relate to the main transport hub in Birmingham, New Street Station.
As you’d expect from a busy and thriving city centre, there are plenty of places to eat in Birmingham. However, we think these are 5 of the top restaurants in Birmingham city centre and no matter what you are in the mood for, there should be something that takes your interest here.
This was a question posed to me on social media a few weeks ago, after an interesting discussion with some clients about our mature members of Birmingham society and the fact many retirees feel trapped in their homes. After working hard for many years and buying a home for themselves and their family, the children have subsequently flown the nest and now they are left to rattle round in a big house. Many feel trapped in their big homes (hence I have dubbed these Birmingham home owning mature members of our society, ‘Generation Trapped’).
So, should we force OAP Birmingham homeowners to downsize?
Rightmove’s latest report shows the average price of property coming to market has hit a record high. This month’s 1.1% (+£3,547) rise has pushed the national average to £313,655, exceeding the previous high of £310,471 set in June 2016.
This has been driven by strong buyer demand, with the highest number of sales agreed at this time of year since 2007, before the credit crunch. While the run-up to an election creates a degree of uncertainty and often a pause in activity, this strong set of figures should help mitigate pre-election jitters.
How does that affect the Birmingham Property Market?
It might surprise you that it isn’t always the poshest villages around Birmingham or the swankiest Birmingham streets where properties sell and let the quickest. Quite often, it’s the ones that have the best transport links. I mean, there is a reason why one of the most popular property programmes on television is called Location, Location, Location!
It may have been 15 years in the making but Birmingham Gateway and Grand Central can finally start to reap their rewards taking home four awards, including Project of the Year, at this year’s RICS Awards, West Midlands.
When choosing places to move to, seeing litter, graffiti and too much flyposting in the streets of a neighbourhood won’t make you want to live in that particular area.