Since Savills recently proclaimed house price growth to be “the strongest in 18 years, with little prospect of slowing”, many homeowners have been pondering listing their homes for sale and taking advantage of this impressive surge of activity. At Centrick, we’ve been selling properties for almost fifteen years, and know how important it is to list your property for sale at a time that suits both our clients and the market. We’ve given you the lowdown on Birmingham property trends, whether you should prioritise buying or selling, and the abundance of exciting developments in the pipeline for the city that are worth considering before you decide if now is the time to sell your Birmingham property.
Properties in Birmingham do not seem to follow the traditional ‘Spring Boom’ which sees an increase in activity from March to May – in fact, over the last year the Birmingham property market has remained consistently buoyant. For those considering selling a house, whether it is a detached, semi-detached or terraced property, you are certainly in luck: houses are selling 25% faster on average when compared to April 2021. However, flat and apartment owners need not despair: demand for these properties is still high, with Birmingham flats and apartments increasing in asking price by 7% over the last 12 months to an average listing price of £219,840.
Your local rental market is also well worth exploring as an alternative option, especially if you are still dubious about selling your home. The average cost of rent in Birmingham is £1,189pcm, exceeding that of the wider West Midlands region due to the appeal of city living. Tenants are willing to pay premium rates for the convenience of living near Birmingham City Centre, so letting your property with Centrick can be a cost effective solution for those weighing up their options.
With demand outstripping supply, selling your home prior to securing your next one is proving to be a popular option with many homeowners. With the current sales market being so competitive, home movers need to ensure that they have the edge over their rival purchasers, and being SSTC certainly provides that edge. What’s more, those who enter negotiations with their current property already listed as ‘sold’ are taken much more seriously than their fellow prospective purchasers.
However, movers are advised to start considering their onward purchase quickly after finding a purchaser for their home for two main reasons. Firstly, leaving a substantial gap between sale and purchase during such a rapidly evolving market increases the risk of you not optimising your value for money. House prices increased by 9.6% from 2021 to 2022, and this upsurge is showing no signs of slowing down soon, meaning that you’ll get less for your money the longer you wait. Secondly, leaving your onward purchase too late can leave you with an awkward, costly gap in time where your old house is sold, but you haven’t quite moved into your new home. Our Centrick Birmingham team are experienced enough to help you avoid this scenario, and are able to run through any short-term letting options in the event of any timing discrepancies.
As Britain’s second city, Birmingham appeals to every demographic: from students wishing to study at the best institutions in the Midlands, to buy-to-let investors, and busy working professionals commuting to and from popular business hubs such as Colmore Row. However, Birmingham looked posed to experience unprecedented growth over the next five years according to Savills, who predict that the city “will lead the way for property price and rental price growth” by approximately 24%.
With the Commonwealth Games putting all eyes on Birmingham (and perhaps even contributing to rising house prices, to vendors’ glee), the city has been singled out as a hotspot for growth and global investment. With HS2 putting Birmingham within one hour of London, and further developments at Birmingham International Airport making it a “gateway to the world”, the city is sure to attract investment and new residents not just from the rest of the UK, but the world. That’s not all: Birmingham is anticipated to create 52,000 jobs in the technology industry over the next three years, creating demand for property that will get you sold – and fast.
Our experts at Centrick’s Birmingham Branch are able to provide advice on the market in your area, and give you tailored recommendations on the best time to sell your property or offload parts of your investment portfolio. To find out what your home might be worth, explore our instant valuation tool or contact us using the form below:
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