West Midlands house prices increase by 2% amid surge in new listings
Property website highlights strong market activity with significant price growth in West Midlands
House prices in the West Midlands have seen a 2% increase, with February marking a significant uptick in new property listings across the UK, according to Zoopla's latest report.
The property website recorded the strongest rise in new listings for a decade, with homes for sale increasing by 6% in the four weeks leading to 15th February compared to the same period last year.
The West Midlands' house prices are experiencing growth amid broader market conditions, including falling mortgage rates, which benefit first-time buyers.
This surge in available properties is expected to offer more options for buyers and help moderate price increases throughout the year.
Changes in lending criteria are also allowing potential buyers to borrow more, which could drive further sales.
The current level of sale agreements positions this February as the fourth most successful for sales in the past ten years, even with fewer overall buyers compared to last year.
Zoopla estimates that 40% of homes listed on its platform are cheaper to purchase with a mortgage than rent locally, assuming a 20% deposit, improving from 25% last year.
Despite varied house price changes across regions, Northern Ireland leads with an 8% rise, while London experiences a slight decrease of minus 0.2%.
In Southern England, where affordability is stretched, sellers are advised to price realistically to ensure prompt transactions.
Richard Donnell, executive director at Zoopla, sees the low house price inflation as fostering market stability, with favorable conditions arising from better mortgage affordability and more available homes.
David Fell from Hamptons and Nigel Bishop from Recoco Property Search note increased negotiation leverage for first-time buyers who often do not have existing homes to sell.
Tom Bill from Knight Frank and Alastair Douglas from TotallyMoney highlight ongoing buyer challenges, with mortgage access remaining a key issue.
Jen Lloyd from Skipton Building Society reports a boost in first-time buyer applications, reflecting a growing confidence in the market.
House price changes according to Zoopla:
- Northern Ireland, 8.0%
- North West, 3.3%
- Scotland, 2.8%
- North East, 2.5%
- Wales, 2.2%
- Yorkshire and the Humber, 2.1%
- West Midlands, 2.0%
- East Midlands, 1.0%
- Eastern England, 0.6%
- South West, 0.0%
- South East, -0.1%
- London, -0.2%