Regional Property Market Update Autumn 2020: West Midlands and Wales
It is estimated that nearly two million people own buy-to-let property across the UK (Resolution Foundation 2019), with property being regarded as a ‘safe-haven’ asset. At 5.4% and 5.7% respectively, the gross yield on residential property across the West Midlands and Wales is attractive.
Ceredigion is currently the strongest performer in the area, followed by Birmingham, Nuneaton and Bedworth, and Wolverhampton. In all four areas, gross yields are currently more than 6%.
Average gross yields on residential property are attractive, with positive rental and house price growth
Most active housing markets across the West Midlands and Wales region
Property prices across the West Midlands were 4.1% higher year-on-year and across Wales were 2.8% higher as the housing market reopened in June. Ceredigion, Wales is currently the strongest performer in the region. Activity across the market has been bri¬¬sk; nationally the average time taken to sell a property fell to 53 days in August, down from 62 days in August 2019. Sensible pricing remains crucial, as correctly priced properties are nearly twice as likely to be sold ‘subject to contract’ within four months of listing than those that have had their asking price reduced. Properties are currently selling, on average, in just 50 days across the West Midlands.
Philip Jackson, Director of Maguire Jackson, comments on the Birmingham City Centre region:
“Birmingham City Centre has had a robust busy property market this autumn. Notwithstanding overall high stock levels there have been good levels of activity from price sensitive tenants and purchasers alike. The sales turnover has been, however, slowed by the post Grenfell fire regulations now sought by mortgage surveyors. Overall, lettings prices are down 5% on last year, with sales prices remaining stable.”
Properties for sale in the West Midlands and Wales
Bromyard, Herefordshire, 5 bedrooms
This unique four-bedroom hop kiln conversion is set in an idyllic rural location in a wonderful established garden set in approximately half an acre with adjoining farmland.
The property, which benefits from LPG central heating and double glazing, offers spacious accommodation of considerable character with many fine features including two bedrooms in the original hop kiln, exposed timbers, vaulted ceilings, oak doors, staircase and double-glazed windows.
Market Drayton, Shropshire, 4 bedrooms
This immaculately-presented modern home benefits from a bespoke interior design throughout with underfloor heating on the ground floor and a solid oak staircase. A particular feature of this home is a delightful kitchen and breakfast room with a stunning island topped with granite work surfaces and bi-fold doors leading out onto the rear garden
Solihull, West Midlands, 4 bedrooms
This well presented and spacious four-bedroom detached family residence is situated in a sought after semi-rural location with further scope for development. The excellent living accommodation comprises a study, living room, dining room, breakfast kitchen, master bedroom with en-suite shower room, three further bedrooms, family bathroom, double garage with roof storage space and gardens all around.
Regional Reports
Click to see the market reports in other regions:
● Market Report 2020 Autumn South West
● Market Report 2020 Autumn East Midlands
● Market Report 2020 Autumn Essex, Norfolk and Suffolk (East)
● Market Report 2020 Autumn Hertfordshire, Bedfordshire and Cambridgeshire (East)
● Market Report 2020 Autumn London
● Market Report 2020 Autumn North East and Yorkshire
● Market Report 2020 Autumn North West and North Wales
● Market Report 2020 Autumn Northern Ireland
● Market Report 2020 Autumn Scotland
● Market Report 2020 Autumn South East Home Counties - Kent and East Sussex
● Market Report 2020 Autumn Southern Home Counties - Surrey and West Sussex
● Market Report 2020 Autumn Southern
● Market Report 2020 Autumn Thames Valley, Berkshire, Oxfordshire and Buckinghamshire
● Market Report 2020 Autumn West and South Wales
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