Birmingham Market Update – October 2020

Associate Sales Director, Stuart Macdiarmid, provides us with an insight into the Birmingham City property market in his video below:

Obviously the national cladding and ground rent issues are no different in the Birmingham property market, with sales struggling to go through and valuers increasingly becoming wary to lend on affected and possibly affected properties.

there is hope beyond the issues we currently face

However, we have incredible experience in assisting to overcome these issues where we can and providing help and advice should your property be affected. And there is hope beyond the issues we currently face. The government is setting aside funds to assist with cladding issues and there is news that the RICS will be releasing an EWS2 form, for properties in low rise blocks, which should assist in making these properties easier to sell.

A further spate of positive news is of course the Stamp Duty holiday brought in by the chancellor in July and the subsequent explosion in the market listings can clearly be seen. However, this increase in property listings has cemented the situation of a buyer’s market. However, if priced correctly and with good marketing, your property can sell swiftly and efficiently, with listing to sale days down to a record 50…! So if you have been dabbling with the idea of selling your home, not only is time of the essence but also the need to price realistically. Yes, house prices have increased but with so much on the market, buyers have never had more choice and if you were to wait longer, just to get an extra couple of percent out of your sale, you may miss the boat and be left disappointed.

Now is also a fantastic time to buy property. The city rental market is as robust as ever and as discussed, there are well priced properties on the market with vendors seeking to offload investments or move to the country.

DON’T FORGET OUR PLEDGE TO THOSE WHO WORK IN THE NHS AND CARE WORKERS. AS A THANK YOU FOR ALL THEIR HARD WORK DURING THE ONGOING PANDEMIC, WE ARE OFFERING 50% OFF ALL OUR SALES FEES FOR THESE LOCAL HEROES. IF THIS IS OF INTEREST TO YOU OR SOMEONE YOU KNOW, GET IN TOUCH TODAY!

To get a feel for what your property may be worth, use our instant online valuation tool OR to get an accurate market appraisal in these times OR perhaps just some advice on whether your property is affected by the EWS1 situation, contact myself or the team on 0121 347 6116 or email birminghamsales@centrick.co.uk. We can arrange an in person visit to your home or arrange a virtual valuation via Zoom/Facetime/WhatsApp to ensure your home receives an accurate and up to date valuation.