Regional Property Market Update Winter 2021: West Midlands and Mid Wales
Posted on: Friday, November 26, 2021
Sales remain brisk as demand continues
The market is busier than in any year since 2007. In the first nine months of 2021, HMRC estimate that more than 1.2 million homes changed hands, 47% higher than the long-term UK average (2010–2019) and just 50,000 fewer than the same period in 2007. On average, there is now only 2.2 months’ worth of stock available in the UK, compared to four months’ stock in 2019 (TwentyCi). Stratford-on-Avon and Rugby are the most active housing markets in the West Midlands and Mid Wales. The average annual rate of housing stock turnover in the area as a whole is 3.9%.
On the up
The average price of a property has increased significantly during the past year, many localities experiencing double-digit annual price growth. Agents anticipate price growth will moderate over the coming months to more sustainable levels, with predicted growth of 3% in the West Midlands and 3.5% in Wales during 2022 (Zoopla). According to Dataloft, the annual increase in the average property price in West Midlands is £22,700, with the average property price in Wales increasing by £21,600.
COP26 focused attention on the environment and energy efficiency. An Energy Performance Certificate (EPC) is needed whenever a property is built, sold, or rented. While 90% of new build properties achieve the highest A or B rating, just 1 in 14 resale properties currently reach that grade, although 60% could with improvements. Upgrading could prove lucrative; resale properties rated A/B currently attract a 13% price premium (based on £psf), compared to those properties with the average D rating1.
Properties for sale in the West Midlands and Mid Wales regions of the UK
Presented to an exceptional standard on a substantial plot, this detached home is located on one of Tettenhall's most sought-after roads and is presented to the market with the potential for further extension to provide a separate single-storey home office or a gymnasium. The already extended accommodation is immaculately presented and includes a lounge, a sitting room, a dining-kitchen, dining room, three bedrooms with an en suite to the master and a family bathroom.
This stylish three-storey home is situated in The Croft, just off the historic High Street, and within walking distance of the excellent amenities available in Henley-in-Arden including independent shops, cafes and restaurants in addition to schools for all ages and rail services to both Stratford upon Avon and Birmingham City Centre, making this an ideal base from which to commute. The property has been completely re-modelled and extended with no expense spared to create a fabulous and very comfortable living space which is evident throughout the accommodation.
Packed with character and charm, this family home comes with its own separate, two-bedroom cottage, called The Old Smithy, which is ideal for a family member wanting to live separately, a holiday let or a private let. Outside the garden enjoys views across the rolling countryside and the village church.
As property prices continue to rise and the UK hits a record number of sales for autumn, sell your property with experts in the property industry this winter. Contact your local Guild Member today.