House prices are on the rise in West Bromwich – why?

House prices are on the rise in West Bromwich – why?

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Just on the outskirts of the second biggest city, Birmingham, houses prices are creeping up the ladder in West Bromwich. Between 2017 and 2018 June, a majority of houses for sale in West Bromwich were semi-detached, going for an average of £123,720. Detached properties that were on offer from estate agents West Bromwich sold at an average price of £139,40. The average sold price, according to the Office for National Statistics, went up by 7 per cent than the previous year and 0.4 per cent in the last three months since June 2018, making West Bromwich register as one of the strongest house price growths in the UK, standing out as one of the best performing property markets.

Zoopla shows that flats sold at an average of £86,900 and for terraced houses up to £123,790. Over the coming years, the west is still geared towards outperforming the rest of the country. West Bromwich continues to see a rise in the reinforcement of local infrastructure and connectivity with large amounts being pushed towards improved rail networks, schools, hospitals and roads in the region. This move has been a crucial driver for the rise of house prices. It goes to highlight that housing conditions are strongly driven by demand fundamentals.

So far, Birmingham has been named the second largest city in average business turnover in the UK, recording £803,320, ranking slightly behind London’s £1million. Over the past years, the scale of economic growth has been significant. The growth means houses to rent in West Bromwich are outdoing large cities, like Liverpool.

Birmingham has experienced an unprecedented level of new enterprises, demonstrating that it could, in the future, outshine London as the UK’s centre hub for productivity and innovation. One of the best development opportunities lies in property ownership. It is perhaps, a high time to invest in a house for sale in West Bromwich or rent one. The high-speed rail has been a major catalyst and is seen to fuel major interest from key markets such as the US, China and the Middle East.

With the now booming industries in West Bromwich, entrepreneurs are now making their way to the region. Even in the tough market, there are plenty of buyers looking for property but are still price sensitive. However, any property that is priced attractively and marketed well by estate agents in West Bromwich will still be in a position to sell fast. Any city needs investment to grow, and west Birmingham represents a large gathering of investors from the financial and property markets. It, therefore, means that the region is represented well and has a strong case for investing in commercial property and doing business.

Birmingham is increasingly becoming the first choice for professionals aiming to foreshore their activities from London. There are major and potential benefits for companies relocating here with the most notable being the improvement of infrastructure to the metro. With a resilient economy and infrastructure upgrade in the region, the annual house prices will keep rising. The housing market in West Bromwich which may, in the near future, surpass all others, reflects the strength of the local economy and makes it a key region to invest in.

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