Property market update in the Midlands
Published February 22nd, 2018
In a recent ZPG survey a regional property market overview provided some interesting statistics mapping out the Midlands property price activity in the past year, compared to the national average.
Residential property market in the Midlands:
A comparison is made between house price statistics in the Midlands residential property market and the national average. Some highlights include:
The average house price in the last 12 months in the Midlands was 3.4% and the national was 2.4%.
£22,322pa is the average income required to buy a 2-bed house in the Midlands, whereas the national average of £35,520pa.
The average house price growth over the last 5 years for the Midlands was 21.4% whereas nationally it reached 21.7%.
The percentage of all sales that are new build was 16% for the Midlands and nationally.
Rental Property market in the Midlands:
A comparison is made between house price statistics covering the midlands rental property market and the national average. Some highlights include:
The average rental growth over the last 12 months in the Midlands was 2% and the national was 1%.
£25,743pa is the average income required to rent a 2-bed house in the Midlands, whereas the national average of £34,944pa.
The average monthly rent for the Midlands is £604 compared to the National which is £766.
The Gross yield (annual gross rent as a percentage of property value) was 5.5% for the Midlands compared to the 5.3% National average.
Buying is 19% more expensive than renting in the Midlands, where as it is 16% nationally.
Pierre Farnsworth, Residential Sales negotiator comments ‘’With continued scarcity of property, I would envisage prices to continue to rise in certain areas of the market.
The local market remains stable and quite buoyant, however to be aware in the current market, the volatility at the higher end with the stamp duty changes and a decline in growth with a lack of momentum for sale and enquiries.’’
If you are looking to sell or rent out your home speak to us today.