Birmingham House Prices Outstrip London

08/10/2018
Birmingham's house prices increased by around £30,000 on average between April 2015 and April 2018, and most experts think that they are going to continue to surge. 

However, as of October 2018, the Midlands metropolis was the most popular city area for first time buyers to get a foot on the property ladder in as evidenced by the number of people recorded by the Land Registry as taking up Chancellor Hammond's first time buyer relief.

The second most popular city was Leeds, but Birmingham's applications outstripped Leeds' by nearly 40%.

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The price of a house in Britain's second city has seen a fairly constant rise in recent years despite the rate of climb levelling out: in April 2015, house prices in Birmingham increased by 5.8% year-on-year and continue to rise by around 6% each year. In comparison, London’s average house prices rose just 1% during 2017 compared to 9.4% during 2015.

Average house prices in the whole of the United Kingdom continue to increase although the level of increase is declining. Where house prices previously rose by an average of 7.2% per year between 2014 and 2016, the increase from 2016 - 2018 fell to 5.3% (Source: Land Registry, June 2018).

Postcode Variations

House prices in different areas of Birmingham are increasing by variable rates. Flats in the postcode area B31 have seen a 14% increase whereas flats in B13 have shown an increase of 17%.

In general, the number of house sales in Birmingham has shown a drastic decrease. In April 2017 1,679 properties were sold, compared to only 477 in April 2018. House price increases outstripping wage rises have been a factor in encouraging people to rent rather than buy.

Birmingham Property Prices 2018

Detached: £334,928
Semi-detached: £199,274
Terrace: £159,308
Flats and maisonettes: £129,958
Average: £177,828
Cf. 2017 +6%
Source: Land Registry UK House Price Index 2018

The following article (continues below) looks at recent news regarding Birmingham's property scene. Click here to find out more about buying a home in Birmingham.

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Birmingham Housing Overview

Being the second largest city in the United Kingdom, Birmingham has a wide variety of housing types. There are almost two thousand listed building and ancient monuments in Birmingham such as the Perry Packhorse Bridge, known as the Zig Zag Bridge, and Weoley Castle.

There are many Victorian terrace houses in the city. Rows upon rows of them lie on streets such as Frances Road and Emerson Road. A lot of Victorian architecture, like that of the old Central Library, was replaced during the post-war redevelopment by brutalist buildings.

There are a number of Georgian properties still standing such as St Paul’s Cathedral, the Town Hall and Soho House which is now a museum. Large Georgian townhouses and detached houses are available in Birmingham such as those in Sutton Coldfield and Edgbaston.

New developments and houses are available for off-plan investments and Help to Buy mortgages.

Click to find out RICS Surveyor tips for Birmingham and how to book a home buyers survey for properties in and around the location


Birmingham House Prices.pngOff-Plan

St Paul’s Chambers is a new block of flats in which there are seven 2 bedroom apartments right in the centre of the city that are designed for contemporary living. Knightlow Park is a new development with 3 or 4 bedroom detached houses with large gardens. There are many other new build properties dotted around the city and many more are being completed. There are many off-plan investment opportunities in Birmingham as blocks of flats are becoming more popular.

Help to Buy

There are lots of flats in Birmingham that fall under the Help to Buy scheme. These new build flats are available on streets such as Alcester Road. There are also Help to Buy detached properties available in the new development Fore Meadows and Walmley Croft.

Shared Ownership

Properties available for shared ownership include those on Sheldon Avenue and City Road. These are mostly new builds but there are resale properties available on Norfolk Road and Etruria Green.

Rental Scene

The average rental price in Birmingham in June 2018 were £217 per week and the rental price range varies from £147 - £355 per week.

Postcodes

Postcodes in Birmingham are B1 to B99.

Most expensive Birmingham Street

Bracebridge Road has the highest average house price of £1,470,00 (2014).

Up and coming local areas

Up and coming local areas include Solihull, Sutton Coldfield and Dudley.
 
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