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Why in Birmingham the Price is Pretty Much Right

Right now, in Birmingham, you’ll find a choice of 3,643 properties for sale – 465 of which have been listed within the past fortnight. The majority of these homes have three bedrooms (1,400) while there are 1,009 with two bedrooms and 607 properties with just one bedroom. The figures are the latest available from the property analysis site Home.co.uk

Birmingham property £20,000 less than nearby Coventry

Meanwhile, the average cost of buying a property in the city is £237,427. That’s on a par with Manchester where the average property comes in at around £237,469 and far more favourable to nearby Coventry (16 miles away) where the price of a property there will set you back £259,819 or even in Leicester (35 miles away) where you can expect to pay around £254,244.

Most market property in Birmingham priced under £200,000

Analysing those Birmingham prices still further, the majority of properties currently on the market (numbering 1,617 to be exact) are priced between £100,000 to £200,000. The next big price bracket is £300,000 to £400,000 where you can find 1,122 homes for sale. There are 247 properties priced under the £100,000 mark and just 10 valued at £1 million or more.

Semi-detached homes in Birmingham have historically increased most in value

Historically the majority of properties in Birmingham have increased more than 30 per cent over the past 12 years. Semi-detached properties have gone up in value the most, by 38 per cent. Back in 2006 the average semi-detached house in the city cost £179,267, this month it has increased to £248,115 (median value). Next highest is flats with a 36 per cent increase – rising from £154,762 to £211,036. Not far behind was terraced homes, with a 34 per cent increase and jump in value from £146,683 to £197,139. The lowest rise in value was for detached homes, but it’s still a healthy 26 per cent, bringing the price of a detached home in Birmingham from £314,346 in September 2006 to £395,126 for January 2019.

More flats for sale in Birmingham than other house types

In terms of property type, there are more flats (1,369) for sale than there are semi-detached homes (1,074), terraced properties (729) and detached homes (386). Both the average fat and terraced home are selling for an average of just over £203,000. Semi-detached are coming in at an average £247,000 and detached homes at an average of just over £388,000.

Flats in Birmingham taking longest time to sell

Probably because there are so many of them, flats are taking longer to shift than other types of home, at around 181 days on average. Next is detached homes at 156 days, then terraced with 132 days. Semi-detached are going the quickest with 118 days on average.

Thinking of investing in property in Birmingham? Then keep an eye on this site where we’ll keep you up-to-date on all you need to know about investing in this great city. Just keep checking www.birminghampropertynews.co.uk

James Forrester
James Forrester MD of Barrows & Forrester Property Group and Author of The Birmingham Property News Blog.
http://www.birminghampropertynews.co.uk

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