We’ve written recently about how house building in Birmingham has far exceeded national targets and according to new figures out this week, the city’s property boom is continuing with house prices rising at three times the national rate.
The Birmingham Mail reported:
“In the West Midlands as a whole, the value of detached houses rose the most over the year – by 6.1 per cent.”
And new data from HM Land Registry shows that the price of an average house in Birmingham was £188,254 at the start of this year.
That’s a 5.8 per cent rise compared to the same time in 2018, when the figure stood at £177,993 – meaning the average homeowner will have gained £10,261 over the period.
As mentioned, in the West Midlands as a whole, the value of detached houses rose the most sharply over the year – by an impressive 6.1 per cent.
Meanwhile, the value of flats rose by 3.7 per cent in the region in the 12 months to January. Nationally, house prices in the United Kingdom rose by 1.7 per cent in the year to January.
The rate of increase was down slightly from 2.2 per cent in the year to December, and 4.7 per cent in the year to January 2018.
Advantage has recently been featured in the regional and insurance press regarding our successful year at our Tamworth office, which has involved a recruitment drive to meet the growing demand for our services providing latent defects insurance throughout the West Midlands and beyond.
“We have lots of new customers coming onboard and the business is growing following a busy year for us,” noted regional manager Steve Loveridge, adding: “We’re taking on more staff to meet the growing demand for our services.”
We’ll continue to bring you the breaking news from the property and construction sector as we have it on our regularly updated news page. Thank you for reading.
Want to learn more? Contact one of our relationship managers today to discuss your requirements on 0845 900 3969