13 Jan Birmingham Housing Market
BIRMINGHAM HOUSING MARKET
Estate agents in and around Birmingham hope that the new HS2 rail service entices people away from London and to Birmingham, this will improve a Birmingham housing market that is struggling to recover. The HS2 will cut the commute from Birmingham to London by 50 minutes.
HS2 has already had an impact on a development close to the Birmingham station, the Hive development has been the best selling development in the city for the last couple of years. The hope for local developers is that this will take hold of the whole city centre and boost the Birmingham housing market, property prices have only increased 3% in the last year with vendors trying to sell house fast is an up hill battle. Birmingham has lagged behind the rest of the U.K in regards to property price increase and the city still remains 7% down from 2007.
For the second largest city with one of the largest economies outside of London and the largest population, back in 2007 the city had different ideas of where its future lie before the recession took hold. Then the city centre was filled with majestic and amazing schemes, like the Cube which was a 25 storey aluminium clad flat development where the developers were asking for more than £500 per sqf. Now the new build developments are lucky to get a bite at £250 per sqf and end up selling for around £220 per sqf. Back in 2007-08 the market was completely flooded with all sorts of new build apartments and they were selling like hot cakes until the supply far out stripped the demand which resulted in theses apartments value dropping by 50% such is the state now of the Birmingham housing market.
Today’s Birmingham housing market within the city centre looks much more sedate to the schemes that were being proposed back in 2007, now the high-end buyers are looking more towards the affluent suburbs of Birmingham with good amenities and the better schools. Such as Harborne and Edgbaston.
Harborne is located just 5 miles outside the city with big Georgian houses that have decent sized gardens and lots of living space, along with good rated schools and decent amenities the properties command a premium price and don’t spend time on the market.
Edgbaston is a relatively large town outside of Birmingham which lies 3 miles outside of the city it has wide range of different types of properties which all sell fast around this area. Back in the 19th century there was ban on construction of factories and any other industrial developments to be carried out, this has left Edgbaston a beautiful leafy town which is one of the most desirable in Birmingham. Birmingham housing market in and around this area are bringing an absolute premium.
Buyers in theses affluent areas usually work within one of the 4 universities in the city or long term employees of the one of the major factories around Birmingham such as Jaguar Land Rover and Cadbury’s.
Birmingham housing market has a cheaper side if these prices are out of your remit, such as Solihull or Sutton Coldfield these areas are still very sort after and the sell house fast market is good.
The high-end homes of £1m plus in the past few years haven’t been selling as quickly and been sticking on the Birmingham housing market but 2015 saw a slight surge of demand for these types of properties.
Estate agent have said potential purchasers of homes are avoiding Sutton Coldfield because of the proposal in the Birmingham Development plan stating that they intend to build 80,000 new homes of which 6,000 of this are to be built on Green Belt land around the Sutton Coldfield area.
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