West Midlands Leads England’s House Price Growth
The latest UK House Price Index for September 2018 has highlighted the strength of the market in the West Midlands. As well as jointly leading England in terms of monthly house price growth (at 1.1%, alongside the East Midlands), the region has enjoyed the greatest annual house price growth, at an impressive 6.1%.
“The West Midlands continues to flourish, as the latest housing market figures have shown. Property in the area is well priced and there are some superb new developments that are meeting the needs of contemporary renters as well as owner occupiers.”
West Midlands Rent Rises Hit Double National Average
In terms of prices, the West Midlands sits at precisely mid-table, with four English regions having higher average prices and four having lower. The average West Midlands property cost £199,763 as of September 2018 – well under half the price of the average London home – which stands at around £482,241.
For investors, the news is doubly good, with rents in the West Midlands also rising over the past year. The Office for National Statistics data shows that rent in the West Midlands shot up by 1.8% in the year to October 2018 – double the 0.9% average rise for England as a whole.
“The West Midlands has an incredibly strong investment case, with potential for both capital gains and healthy yields making it a leading buy to let property UK market. As the region’s largest city – and England’s ‘second city’ – much of the market activity is focused around Birmingham. A rapidly expanding population and plentiful employment opportunities mean that rental accommodation is particularly in demand in central areas of the city.”
One of the most exciting developments currently available to Birmingham buy to let investors is Westminster Works, in the hip Digbeth district. The 220 luxurious, loft-style apartments present a new standard of living to Birmingham’s urban renters, coming complete with concierge service, on-site parking and a splendid roof terrace. The building is also one of the most eco-friendly in the city, using sustainable, environmentally conscious building techniques and features to create a new generation of responsibly constructed homes.
For more information on the property market potential of the West Midlands, follow the Surrenden Invest team on social media.