‘JLR Effect’ continues to impact Solihull property sector

THE so-called ‘JLR Effect’ is continuing to have a major impact on the availability of land in Solihull.

A new survey has shown the borough saw the largest fall (18.5%) in the West Midlands for the number of new property listings during May, compared with the previous month.

With the expansion of the motor manufacturer in the region – and especially Land Rover in Lode Lane – both commercial and residential property commands a hefty premium.

May’s Property Supply Index compiled by online estate agents HouseSimple.com reveals that the borough is at odds with the UK picture, where the overall supply of property increased by 4.8% last month.

To compile its Property Supply Index, HouseSimple.com tracks the number of new properties marketed every month, in more than 100 major towns and cities across the UK and all London boroughs.

The towns and cities that saw the biggest falls in supply were Southport and Loughborough, where the supply of new property listings fell 28% and 24.1% respectively. Of the areas that saw the biggest falls in supply, just under half (47%) were in the North of England.

However, while many areas saw supply levels fall in May, this was not the case across the whole of the Midlands.

Lichfield experienced a massive 55.8% rise in new property listings in May compared to April – the highest in the country, followed by Chesterfield and Rugby, which saw 35.7% and 32.5% respective rises in the same period. Of the areas that saw the biggest increases in supply, a third were in the Midlands, with Shrewsbury (22.6%) and Hereford (22%) both making it into the top 12 hotspots.

Alex Gosling, CEO, HouseSimple.com said: “Although property supply was up in May, in large swathes of the country, the number of new properties listed fell.

“Could this be due to the Brexit effect? The scare tactics on both sides of the EU referendum debate are likely to be chipping away at the confidence of buyers and sellers.

“On the flip side, this could actually provide an opportunity for prospective buyers, who have their finance in place and can move fast, as they may be able to negotiate a good deal with motivated sellers keen to tie up a sale before June 23.”

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