The housing market to date in 2022 has proved immune to the wider economic issues that are making the daily headlines. The market is busy and the desire to move remains on the agenda for many. However, the question being asked now is when, not if, the market will start to calm after the latest interest rate increase to 1%.
Demand in the market remains high, a survey for Nationwide indicating that over 35% of those in the region were currently in the process of moving or were considering doing so. While new instructions to the market have risen marginally, they have failed to keep pace with buyer appetite. Rightmove report there are twice as many buyers as properties for sale in the market, with all regions seeing the amount of stock-to-purchase running low. Year-on-year, 9.3% fewer properties were available to sell across the West Midlands in the first quarter. There was less than two months’ of stock left to sell, compared to a historical norm of around four months (TwentyCi).
Despite the wider economic challenges, the scarcity of properties to purchase has meant that competition has been high and this has acted to sustain prices for sellers in the market. More than half of properties are currently selling at or above initial asking price, with properties sold subject to contract (SSTC) in record times. At 30 days, the average time taken to sell a property (SSTC) in the West Midlands during March is the quickest on record (Rightmove). Month-on-month and year-on-year, prices remain on an upward trajectory. For only the second time ever recorded, asking prices across all regions and all sectors of the market rose in March, although the rate of monthly price increase is slowing (Rightmove, UK HPI). The latest data from the UK House Price Index indicates annual property price growth in the West Midlands is 10%. Although the rate of annual growth across the region’s prime markets has calmed to 4.3%, this is against the backdrop of significant rises over the past year.
Across England, Zoopla estimate price inflation over the past two years has pushed 3.5 million homes into a higher rate stamp duty bracket. An additional 280,000 properties have paid the 10% rate of tax eligible on a purchase price of £925,000, and an additional 70,000 were eligible for 12% tax on properties priced more than £1.5 million.
Click here to read the full F&C Summer Housing Market Report: West Midlands
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This historic country manor house is situated within the bustling tourist destination of Bewdley, Worcestershire. Operating as a popular and profitable B&B, with private venue hire for special occasions and weddings; with stunning potential for conversion back to residential seat.
Lower House is a Grade II Listed half-timbered detached country home, parts of which date back to the 14th Century. It has been sympathetically renovated by the current owners who run a successful self-contained three bedroom holiday let in the original part of the farmhouse. Set in gardens and land of 4.4 acres, ideal for those seeking a business opportunity or indeed as a fabulous family home.
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