The West Midlands property market in 2018:
The West Midlands appear to be outperforming other areas of the UK when it comes to property prices as they continue to grow, whilst other areas such as London are beginning to plateau and even drop. Due to this reason this is the perfect time to get involved in some property investment in the West Midlands.
The BBC reported data from the Office for National Statistics, which revealed that house prices had grown by 5.8% in the West Midlands from June 2017 to June 2018. This was the biggest increase compared to any other area of the UK, with London coming in last with a drop of 0.7%.
Another factor that makes the West Midlands property market so appealing is that, despite a consistent increase in property value in recent years, the average property value has not priced out a proportion of potential buyers. According to Zoopla, the average property price in the West Midlands stood at £219,200 in October 2018, making it one of the cheaper areas of the UK to buy a property. This indicates that, whether you pursue repossessed houses or not, there is huge potential to buy repossessed houses in the West Midlands without breaking the bank.
One of the main reasons behind the surge in West Midlands house prices year on year is the fact that many people are being forced out of living in London and the surrounding areas, as the last decade saw affordable properties reduce drastically in the capital. Research discussed by Buy Association revealed that more Londoners relocated to Birmingham in the last calendar year than anyone else, with a total of 7,620 moving to the city.
Repossessed houses in the West Midlands:
As stated previously, whilst the average property prices in the West Midlands sill remain affordable to many, individuals wouldn’t necessarily need to source repossessions for ‘affordable’ property in the area. However, for individuals that are specifically looking for distressed property, there is certainly potential to find them in the West Midlands. Birmingham Live revealed that there was a repossession twice a day in Birmingham alone from April 2017 – March 2018. Birmingham was followed by Coventry, Saldwell and Walsall.