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West Midlands remains best performing region

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Robust market

Despite recent headwinds, the sales market is performing well, supported by high levels of employment and mobility in the market. The vast majority of our sales are within 5% of asking price, however the importance of good pricing remains paramount. The West Midlands remains the UK’s best performing region in the most recent Halifax House Price Index, with average sale prices up 2.7% year-onyear. The market is still undersupplied, but demand has improved since the start of the year, with a good uptake of registered buyers, and increasing buyer interest. Buyers seem to be accepting a new normal and building extra costs into their affordability as the core reasons why people move remain unchanged.

Mortgage advice

In light of current mortgage market volatility, we are seeing an increase in mortgage appointments. Despite less availability, products are more versatile, meaning financial advice from an experienced team is proving increasingly beneficial in helping customers to navigate the changing lending environment.

Homes of three or more bedrooms are the most popular property type in the West Midlands region.

The average price of houses with three or more bedrooms in our suburban areas has increased by over 8% year-on-year (Dataloft).

Rental market

The market continues to run very hot, underpinned by the supply demand imbalance and supported by young, affluent renters. Apartment living is strong in Birmingham, making up 57% of properties let. Two-bed apartments in the city and two and three-bed houses in the suburbs remain highly attractive, providing opportunities to work from home or attracting couples/ sharers, who make up 44% of the renter market (Dataloft Rental Market Analytics).

42% Step on the ladder

Futureproofing

First-time buyers (FTBs) are highly active in our market, as pressure on renters shows no sign of relenting. Two-bed apartments in the city centre, and three and four-bed houses in the suburbs, are in demand, as buyers aim to future-proof their purchase.

of properties sold in our area are under the firsttime buyer average price.

Average FTB buyer price: £204,338 (West Midlands)

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