The Midlands is experiencing a surge in property value, resulting in a strong property market. Halifax has reported that house prices in the region are up by 12.7% over the past year. The region is forecast to grow at a 6.6% annual rate between 2021 and 2022. Meanwhile, Robert Woodhead is looking to expand his team on the back of a strong 2021 and 2022. This positive news is good news for homeowners in the region and for landlords too.
Halifax says house prices in the region have risen by 12.7 per cent in the last year
The housing market is showing signs of softening, as borrowing costs have increased and prices continue to rise. This is putting added pressure on household budgets. There are more people renting than buying homes, with a high demand for larger property. House prices are high because the supply of homes is also limited. In the midlands, the demand for property has increased by 12 per cent in the last year, which has boosted house prices.
The growth in house prices in the UK was recorded at a modest pace in July, although it accelerated slightly from June. Rising inflation is expected to dampen this growth in the coming months. House prices in the south east, the north west and Wales recorded the largest annual growth in house prices. The West Midlands had the lowest increase in house prices, rising by 11.7% year-on-year.
Robert Woodhead is looking to grow his team on the basis of a strong 2021
The company is recruiting for project managers, site managers, quantity surveyors, catering assistants and ground workers. During the Covid-19 period, Robert Woodhead Ltd Technical Apprentices Aaron Wathall and Sam Bartram were highly successful. Both apprentices were able to study at home and adapted to the demands of the working environment. The pair are now based at the company’s Northgate and Eastglade housing developments.
House prices in the East Midlands are expected to soar by up to 20.5 per cent in 2021
In a study published in the Financial Times, the region’s housing market is expected to grow by nearly 20 per cent by 2021, outpacing the national average. Rising interest rates, fewer new homes for sale, and constrained supply are contributing to the surge in house prices. Affordability has also been hit by rising interest rates and a slowdown in the number of pending listings. But despite the sluggish market conditions, there are still signs of hope for homebuyers in the region.
This rise comes despite the recent rate hike by the Bank of England. The Chancellor’s Budget has made it easier for first-time buyers to buy a home and the expectation that interest rates will stay low for the next five years is also supportive of price growth in the East Midlands. Meanwhile, a growing economy should help drive price growth by the end of the year.
House prices in the West Midlands are forecast to increase by 6.6% in 2021-22
Despite a softening demand, the West Midlands is expected to see house prices rise by 6.6% in 2021-22, according to a new report. Low mortgage rates and the recent stamp duty holiday have driven record levels of buyer activity, with forecasts indicating homes worth PS473 billion will be sold this year and offers worth PS95 billion up from 2020. However, as these tailwinds fade, house prices are expected to face greater pressure. Rising interest rates and increasing costs of living will also act as headwinds.
Rising interest rates will place further pressure on households and could price some people out of the market, according to a new report from Knight Frank. Rising borrowing costs and high house price-to-income ratios will continue to dampen the market and damage buyer confidence, according to Knight Frank’s chief economist Tom Bill. However, a rising base rate will help the region’s house prices.
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