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Regional report – Birmingham, Wakefield and North Wales

Each month we visit three agents across the country to discover what is happening in their local market. This month we meet members of The Guild of Property Professionals in Birmingham, Wakefield and North Wales.

The Negotiator
BIRMINGHAM
Link to Regional Report

STATS: Average Sale Price YTD based on properties SSTC in B37 only is: £201,000 Market Share YTD on properties SSTC in B37 only is: 25% (highest market share) New Instructions YTD in B37 only is: 113, with 94 SSTC with 10% higher market share on both triggers than nearest competitor.

 

Link to Regional ReportSamantha Dunne – Sales Negotiator
Ferndown Estates

Our local market has been consistently active for a number of years keeping us extremely busy all year round. In the past 12 months we have seen a significant change in the market here and nationwide, due to leaving the EU at end of last year and with the recent COVID-19 outbreak bringing the housing market to a standstill.

However, Ferndown Estates have hit the ground running since the re-opening of the Market back in May, seeing no change in property value and the demand from buyers remaining at a high level across all price bands. This without the normal level mortgage products currently available on the lending market!

Buyers and renters are attracted to our local area for the array of local facilities, covering entertainment at the nearby Resorts World/Genting Arena, the standard of education with outstanding Ofsted-rated schools locally – and fantastic transport infrastructure.

We have Birmingham International Airport, the West Coast Railway Line servicing Birmingham International and Marston Green Station, as well as the soon-to-be HS2 Interchange hub. Everything is conveniently located, alongside multiple business parks thus bringing in a demand for property to buy and to rent.

Varied housing stock

Our local market area is North Solihull and East Birmingham, where you will find property value range from low-end to well over the average price for the UK. We can handle higher volumes of low value stock for the first-time buyer and investor market as well as higher value properties.

The variety is healthy for our business and important for the buyer giving options for those looking to purchase in our highly competitive marketplace. Our vendors also benefit a great deal in the local demand, with sale prices achieving an average of 104 per cent of marketing value and with our continually monitored time on market to completion at an average between 70 and 135 days.

Pictured property: Harby Close, Birmingham. Guide Price – £280,000 OIEO

WAKEFIELD, WEST YORKSHIRE
Link to Regional Report

STATS: Viewings arranged in the last two months: over 1000 Offers: over 220 Sales agreed: 86

 

Link to Regional ReportSimon Miller – Partner
Holroyd Miller

The last two months since lock down has seen a hive of activity in the Wakefield area Viewings have doubled, we have seen multiple offers on properties and in some cases offers over asking prices.

The combination of pent-up demand during lockdown and for all the publicity and hype behind virtual viewings, clients still want to physically view a property to make an offer. A cut in the interest rates has made borrowing money cheaper, some rates now at under 1.5 per cent, and the introduction of a stamp duty holiday up to £500,000 has made the property market even hotter!

Wakefield is a very affordable place to live, with excellent commuter links via road and rail with M1 and M62 and main line to London and Edinburgh, with its fantastic schools it’s a great place for professionals and families.

Active market

The sales market up to £400,000 is particularly active together with New Build developments, all our properties at Holmecroft, Durkar all reserved within weeks of coming out of lockdown, all at £345,000. We only have one plot remaining at Whitehall Grange at £625,000, and reservations now being taken at Moat Hill Farm Drive, Birstall. We have now built up a healthy pipeline, but the onus is now on the solicitors to try and get these deals over the finishing line whilst the ‘good feel factor’ is still with us.

The lettings market has also seen some great results, particularly with the introduction of video viewings. We are achieving some great rental prices as demand continues to outstrip supply. If you are thinking of becoming a landlord and need some advice, please do not hesitate to contact us now and we would be more than happy to guide you through the process.

Throughout the last few months, it has been important to carry out our appointments in a safe environment to ensure our staff and clients are kept safe, all viewers are made aware of our COVID-19 policy on viewings. The team at Holroyd Miller have now returned to our offices at Newstead Rd and look forward to welcoming our clients on an appointment basis. If you are thinking of selling, buying, letting or renting please feel free to contact our office today by emailing [email protected] or phoning 01924 299494.

Pictured: 1 The Walled Garden, Woolley – on the market at £750,000

ANGLESEY & GWYNEDD, NORTH WALES
Link to Regional Report

STATS: Average asking price: £205,690 Average Viewings before property: SSTC 11.6 Average selling price: £210,827 Fall Through Rate: 6.41%

 

Link to Regional ReportMelfyn Williams – Director
Williams & Goodwin The Property People

Whilst the ‘motor kept running’ through lockdown the market has really taken off since it was fully reopened only a few weeks ago. Pent-up demand after four months of sitting around being able to do nothing has intensified the flourish of activity, but time will tell if this will be continued and sustained through the remainder of the year.

Our move from traditional in room auction to online bidding has not deterred buyers with 100 per cent sold in July at an average 33 per cent over guide price. Star attractions having in excess of 50 viewers, which with the ‘new normal’ of PPE viewing under COVID-19 guidelines adds significantly to the labour requirements of estate agents which will need to be considered when setting a fair fee for our service. Our next Auction will be in early September with one of the lots already securing 60+ viewing requests.

Instructions are up

The market is hot in all areas and all house types, with average asking price for our company now at £205,690. Instructions over July, and so far in August, are up on the same time last year, again this could be due to post lockdown surge, however, sales are higher than instructions and stock is therefore reducing.

Private treaty sales are also demonstrating great success with some properties selling beyond asking price and ‘best and final offers’ having to be used to close negotiations.

Residential lettings have also returned with great demand and people wanting to move. The average rent has now increased to just under £600 pcm, which is up from £533 this time last year or around 12 per cent growth.

Whilst the LTT (Land Transaction Tax) holiday has not been as generous in Wales, only up to part of market up to £250,000; it has not deterred buyers in the £400,000 to £600,000 sector.

Commercial property also appears to be picking up, although less noticeably than residential with good interest in certain types of commercial property to let and for sale.

Pictured property: Llynfaes Anglesey, detached dormer bungalow with 3 bedrooms – asking £235,000. Llangefni office 01248 751000

September 21, 2020

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