At 6.9% and 7.0% respectively, average annual price growth in the West Midlands and Wales is slightly lower than the UK average. In the West Midlands growth is currently stronger than at any point since summer 2016, in Wales since before the Global Financial Crisis. In eleven areas growth currently exceeds 7.5%. Although Rightmove report a slight fall in asking prices month on month, properties are selling more quickly than a year ago.
Average property prices in the West Midlands and Wales are more expensive than a year ago and activity across the market is robust. On average 3.3% of private properties are sold each year, with turnover in five areas currently 4% or above. Over 15,400 new homes were registered for sale during 2020, and nationally registrations have been on an upward trend since September.
First-time buyers were particularly affected by the closed housing market and the stricter mortgage lending that followed. However, buyer numbers have recovered steadily, with transactions just 2% lower year on year during the final six months of 2020 (UK Finance). The number of High Loan-to-Value (LTV) mortgage products has also increased, Moneyfacts reporting there were 169 products available at 90% LTV in January, over double the number available back in July. Lending rates remain low, the average mortgage rate the lowest in history.
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Newcastle Office
119-121 St George's Terrace
Jesmond
Newcastle upon Tyne
NE2 2DN
0191 240 3333
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4 Beaconsfield Road
Low Fell
Gateshead
NE9 5EU
0191 487 8855
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Whickham
Newcastle upon Tyne
NE16 4JB
0191 488 9999
ws@sarahmains.com
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Sarah Mains Residential Ltd. Registered in England & Wales. Company No: 04324202. Registered Office Address: 8-10 The Square, Whickham, Newcastle Upon Tyne NE16 4JE .
Sarah Mains Residential (Whickham) Ltd. Registered in England & Wales. Company No: 05774118. Registered Office Address: 8-10 The Square, Whickham, Newcastle Upon Tyne NE16 4JE .
Sarah Mains Residential (Newcastle) Ltd. Registered in England & Wales. Company No: 04919065. Registered Office Address: 8-10 The Square, Whickham, Newcastle Upon Tyne NE16 4JE .