Demand for West Midlands homes growing
Demand for property in West Midlands soared by 54 per cent last month according to the latest West Midlands housing index from the Shipways estate agency chain.
Average property prices for the region were up £11,119 – eight per cent – in April compared to the same month last year to £143,226.
West Midlands' property sales transactions are up 29 per cent annually and were up two per cent on the month.
The 54 per cent increase in the number of people registering to buy a property in the West Midlands indicated an increasing number of people look to move up or get on the property ladder.
Ian Simmonds, area director at Shipways, which is part of the 300-branch Sequence group, said: "The number of people registering to buy a property in the West Midlands is continuing to increase dramatically, with registrations up 54% from this time last year.
"The recent good news that wages are rising faster than inflation and the positive sentiment about the economic recovery will have increased confidence, and has impacted the number of home buyers looking for property in the West Midlands.
"Supply is also increasing, up 11per cent year on year, but it is not keeping up with the increase in demand. There are now over five potential buyers for every available property and it is this imbalance in demand and supply which pushing prices up."
