House prices continue to rise in the West Midlands
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House prices continue to rise in the West Midlands – with almost a third of chartered surveyors in the region seeing an uplift, latest figures show.
According to the August 2017, UK Residential Market Survey, the Royal Institution of Chartered Surveyors (RICS) said 31% of its West Midlands’ members reported prices rising rather than declining.
The situation is in marked contrast to the picture in Central London, where the reading remains in negative territory.
The difficulty in securing accommodation in the capital is thought to be one of the main reasons why more professionals are looking to Birmingham – and other parts of the Midlands – as alternative options to further their careers and enjoy a better work-life balance.
RICS said that going forward, price expectations are likely to strengthen over the next three months.
August saw new buyer enquiries in the West Midlands back in positive territory for the first time in 2017 following eight months of negative readings. This had a positive impact on agreed sales, with 14% more respondents seeing a rise rather than a fall.
Supply for the West Midlands market continues to be an issue though, with 11% more surveyors seeing a fall in new sales instructions during August. Although, the picture is improved, a lack of new properties coming to the market has depleted stocks at agents across the region.
John Andrews, of Doolitte & Dalley, said: “There has been a good level of enquiry despite there being less property actually for sale. Holiday season has resulted in some reductions for both new instructions and enquiries, however, this is consistent with the previous year.”
Richard Franklin, of McCartneys in Hay on Wye, added: “A lack of supply is currently underpinning the West Midlands market. There is hesitation post the elections but still deals are being done as those who are looking, have less to choose from.”