BIRMINGHAM CITY CENTRE
Lisa Hunt – Residential Director
Maguire Jackson, Birmingham
With our focus on Birmingham city Centre, we can report that the sales market has returned to pre-Covid levels of transactions, helped by Rishi Sunak’s stamp duty incentive.
The shadow of the Grenfell Tower disaster has caused delays in every transaction as managing agents have to secure EWS1 forms for more stringent fire regulations to ensure they meet the lenders criteria.
The prices are currently remaining stable; however, the increasing volumes of stock may impact the market later in the Autumn. Currently the average sale price in the area is at £249,600.
Strong rental market
Meanwhile, the rental market has remained strong since lockdown with high volumes of transactions but is also price sensitive with many prospective tenants looking for savings on their current rents. The average rental price is around £950 per month.
In both markets those properties benefitting from balconies or terraces are letting and selling faster.
Maguire Jackson’s focus on the city centre since 2004 is reaping dividends in the form of increasing market share in both rental and sales.
Our independence and team of knowledgeable professionals is particularly helpful for vendors and new home developers.
Pictured property: Legge Lane, nine townhouses in Jewellery Quarter, Birmingham – Prices from £550,000
Abigail Grey – Director
Grey & Co
The Wembley property market has experienced a 13 per cent increase in instructions coming to market in August 2020 compared to August 2019, as well as a similar increase in available stock, however, the number of sales agreed shows little change to this time last year. That said, there has been a 157 per cent increase in reductions, this is in part due to a larger pool of available stock, but it does illustrate how important pricing your property correctly is to get a sale agreed within the first four weeks of marketing.
Currently we are doing on average 10 viewings to get an acceptable offer on sales properties. On the lettings side the number of viewings is much higher on purpose-built flats, but only five is the average viewings for a three-bedroom house to get an acceptable offer. Our average rental is around £1,500 a month, while our average sale price in at £481,000.
First time buyer activity
There is definitely increased activity in the marketplace and markedly so from first-time buyers and next steppers, although the former are more prevalent. But the underlying message is this, buyers are cautious and will not pay over the top for properties just because they want to take benefit of the stamp duty holiday.
At Grey & Co we specialise in giving frank and straight-talking advice to buyers and sellers and we will not sugar coat the facts just to get an instruction. We base our instructions on research of what has sold in the local area and not what other properties are on the market for.
Pictured property: Chaplin Road, Wembley – Just agreed on sale at the asking price of £350,000
Alex Harding – Sales Manager
Royston & Lund
When the Government reopened the housing market back in May, it was reported that there was an estimated £82 billion of property transactions on hold due to coronavirus. The immediate effect of the reopening of the property market was clearly noted from the property portals – with a distinct spike in searches for properties the day after restrictions were lifted.
Almost four months on and the housing market has continued to gather pace with significant volumes of buyers and sellers returning to the market. Ever since the government’s stamp duty holiday announcement, there has been an even bigger surge in activity across the property market. As we head into a new season, we’re seeing 61 per cent increased demand compared to the same time last year – according to Rightmove.
New sellers coming to market
With now seeming to be as good a time as any to move, due to the sizeable savings thanks to the Stamp Duty, we are seeing many sellers being tempted to come to market. Since the 13th May, this year our office has listed over 200 properties and continue to see an influx of new instructions coming to market. Buyer demand has also led to our office booking 5,127 viewings since the market reopened, with 1,522 viewings booked in August alone. The high volumes of viewings have resulted in a larger number of sales agreed. This August our office sold 66 properties at an average sales price of £356,000.
We are based in the South of Nottingham and specialise in properties in this area; there is always a huge demand for character properties which are in close proximity to the excellent local schools and our local town of West Bridgford. In the upcoming weeks, as we head into the autumn market, we are hopeful more of these styles of properties will come to the market as the level of potential purchaser’s increases, further trying to ensure they take advantage of the stamp duty holiday.
Pictured property: Selby Road, West Bridgford – Guide price £1,075,000