Regional Property Market Update Summer 2021: West Midlands and Mid Wales
Posted on: Thursday, June 24, 2021
2021 is set to be one of the busiest sales years in over a decade
Agents report the sales to stock ratios in the West Midlands and Wales are at a record high (RICS). Across the West Midlands and Mid Wales, the annual rate of housing stock turnover is 3.3%. The most active markets are currently Rugby and Wychavon.
Price growth strengthens
Although new instructions to the market have improved slightly in recent weeks, demand continues to outpace supply, placing sustained pressure on prices. Month-on-month average property prices are rising in all regions of the UK.
Year-on-year price growth across the West Midlands and Wales is substantially stronger than the 2.3% and 4.5% respectively recorded this time a year ago (UKHPI). Double-digit annual price growth is evident in 15 local areas across the West Midlands and Mid Wales.
A seller’s market
Market activity is fast-paced. According to Rightmove, the average time taken to sell a property in the West Midlands is 43 days, 49 days in Wales. The proportion of properties selling within their first week of listing is at a record high (Zoopla) and the average time taken to sell a property in the UK is nearly three weeks quicker than in April 2019 (Rightmove). Lifestyle change continues to drive demand, buyers also aided by the extension of elements of tax relief and the new 95% government-backed mortgage guarantee scheme, available on either new or resale properties.
Properties for sale in the West Midlands and Mid Wales
A smallholding located in the heart of Mid Wales, Pentwyn is a renovated and extended farmhouse/barn comprising three reception rooms, a kitchen/breakfast room, study/bedroom, two bathrooms and a shower room. The property offers extensive lawns and a total of 18.48 acres of land, with a further 18.55 acres available by separate negotiation.
An imposing Victorian residence, set over three charming floors with six excellent bedrooms, two bathrooms and three reception rooms. Located within ample walking distance from Harborne High Street, this property is situated perfectly for local amenities and schooling for children of all ages.
This beautiful, detached home is set in approximately 1.5 in the highly sought-after village of Tanworth-in-Arden within easy reach of Stratford-upon-Avon and Birmingham City Centre. The property benefits from paddock land and offers excellent family accommodation including four bedrooms, two bathrooms and three reception rooms.
Take advantage of the seller's market this summer with the best agent in your area. Contact your local Guild Member today.