House prices in the West Midlands set to soar, according to report

House prices in the West Midlands are set to rise by 4.5 percent by the end of 2021, and 5.5 percent in 2022, according to a recent report.

Published in Savills’ latest growth report, the figures place the West Midlands third of all UK counties for predicted property value growth, behind Cheshire and the NW in first place, and North Yorkshire in second.

Figures for the whole of the UK indicate the growth expectation is already under way. According to the latest Halifax house price index (14^th April 2021), the UK’s house prices have already reached a ‘record high’ with an historic average of £252,765. This is in line with ONS (Office for National Statistics) figures, which recorded house price growth of 8.5% (based on pre-pandemic figures) which has added an average £20,000 to market values to record a £252,000 record high in 2020.

Commenting on the impact of soaring property values and prices on the homebuying market, Kate Bould, the managing director of bespoke property search firm Index West Midlands, says:

“The residential property market must be prepared for a frenzy of house purchases and sales over the summer months as people realise prices are going to keep rising, to as much as £10,000 more by the end of 2021 compared to today’s prices. 

“Demand continues to outstrip supply, especially in the sub-£500,000 price range that qualify for the SDLT holiday extension announced in the March Budget. Whilst the predictions for sustained growth in residential property values across the UK and the West Midlands specifically are good news for professionals in the sector, I am genuinely concerned that house buyers will feel under pressure to buy something, and make a hasty rather than considered decision over whether a new house is the right one in the right location for them.”

Kate adds:

“Projects such as HS2 represent a potentially huge concern, particularly here in the West Midlands.  Buyers desperate to move or get on the property ladder must be told about the importance of protecting themselves with such a huge investment, and that they can utilise a comprehensive portfolio of land and transport searches and specialist insurance to do so.

“The sector has a duty and responsibility to educate and inform homebuyers of the simple steps and options they have available that will really minimise the risks, protect them from negative financial consequences, to fully support them with their new home purchase.”

Index West Midlands specialises in providing all property searches, including HS2 reports, environmental risk factors, planning, flood, wind farms, utility and telecommunications reports for residential, commercial and agricultural property conveyancing.

Kate explains:

“All our services integrate with powerful technology and CRM systems to provide a ‘one click’ ordering platform, efficiently providing timely information for residential and commercial land property transactions, and are supported by our customised, simple and quick to use online mapping tool for property plots, developments, agricultural and commercial properties.”

Index West Midlands provides conveyancing searches, including reports and property transaction solutions such as environmental risk factors, HS2, utility and telecommunications reports, for commercial and residential property lawyers, real estate and agriculture lawyers, across Warwickshire, Worcestershire, Herefordshire, Shropshire, Staffordshire, and the Black Country.

For more information: https://indexpi.co.uk/offices/westmidlands.html.

Kindly shared by Index West Midlands