A common gripe people have with the housing market is the length of time it takes to sell a property. Sometimes, if your property type is in demand or if the location of the home is desirable, homes can sell relatively quickly. But if you have a property that is in a less desirable area, there is a long chain involved or local demand is not there, sales can take months, or even years to go through.
However, several important factors can impact how quickly you can sell a property. One is price of course, but the other key factor is location. In some places of the UK, houses sell significantly faster than elsewhere for a myriad of reasons. It is only when we dive into these local markets we uncover local trends.
So with this in mind, what is the picture in Birmingham? How quickly do properties sell? Let’s take a closer look.
Time on Market Trends
In Birmingham, the property market can only be described as healthy. The Property Asking Price Report for Birmingham from May 2022 to May 2023 shows a varied shift in average asking prices across different property types. Over this one-year period, detached homes saw a notable decrease in asking price, dropping by 11% from £579,901 to £518,733. In contrast, semi-detached properties experienced a slight increase of 2%, rising from £299,888 to £307,350.
Terraced houses also saw a decrease in their asking prices, falling by 5% from £255,919 to £242,386. Meanwhile, flats in Birmingham witnessed an increase in asking price, going up by 3% from £220,506 to £227,642.
Overall, the average asking price for all property types in Birmingham showed an upward trend, increasing by 4% from £272,601 in May 2022 to £283,034 in May 2023, and just under 2% for the 11 months of 2023 so far. This data indicates a mixed but generally upward movement in property asking prices in Birmingham over the year.
But what about selling times?
Well in the last 90 days, 2,496 properties in Birmingham have been sold. The average selling time was 111 days, meaning it takes just under four months to sell a property in Birmingham. However, these times do vary by price, as we can see below.
Selling Times by Price Band
- Under £100,000 – 176 properties sold with an average selling time of 116 days and a median of 35 days.
- £100,000 to £200,000 – 856 properties sold, averaging 121 days to sell, with a median of 57 days.
- £200,000 to £300,000 – 936 properties sold, taking an average of 99 days to sell, and a median of 55 days.
- £300,000 to £400,000 – 305 properties sold with an average selling time of 93 days and a median of 52 days.
- £400,000 to £500,000 – 105 properties sold, averaging 137 days to sell, with a median of 52 days.
- £500,000 to £1,000,000 – 107 properties sold, taking an average of 145 days to sell, and a median of 89 days.
- Over £1,000,000 – 11 properties sold with an average selling time of 80 days and a median of 67 days.
This data indicates that the time to sell a property in Birmingham varies significantly across different price bands, with properties priced under £100,000 and over £1,000,000 generally selling faster than those in the middle price ranges.
Selling Times by Number of Bedrooms
One Bedroom
202 properties with an average selling time of 153 days and a median of 77 days.
Two Bedrooms
727 properties, averaging 123 days to sell, with a median of 55 days.
Three Bedrooms
1,214 properties, taking an average of 91 days to sell, and a median of 48 days.
Four Bedrooms
221 properties, with an average selling time of 123 days and a median of 64 days.
Five Bedrooms
74 properties, averaging 136 days to sell, with a median of 72 days.
Selling Times by Property Type
According to Rightmove, average house prices in Birmingham are currently £277,599. This figure is 9% up on the previous year and 17% up on the 2020 peak of £238,006. However, the type of property can impact both price and selling times.
Flats have the longest average selling time at 169 days, perhaps due to the fact many have ongoing cladding issues which makes it hard for some people to get mortgages. But remember, as cash house buyers, we at We Buy Any Home can buy flats with cladding issues or problem tenants.
Terraced houses tend to sell faster, averaging 83 days on the market whilst semi-detached homes, also show a relatively quicker selling time with an average of 91 days. Detached homes are averaging 133 days.
This data shows that in Birmingham, one-bedroom and flat properties typically take longer to sell, while terraced and three-bedroom properties sell more quickly. The average selling time increases with the number of bedrooms, with a notable exception for three-bedroom homes which sell faster than two-bedroom ones. Similarly, detached properties take longer to sell compared to other types.
Areas in Birmingham that sell fast
Nationally, the average time to sell a property has risen from 33 days in 2022 to 55 days currently, which is still faster than the pre-pandemic average of 67 days in March 2019. This shift marks a move away from the exceptionally rapid sales seen last year, yet the market remains brisker than pre-pandemic levels.
In this landscape, Birmingham stands out. Hall Green, a district in Birmingham, is now among the fastest-selling locations in the UK, with properties taking an average of 26 days to find a buyer. The average asking price in Hall Green is £291,956. This quick selling time in Birmingham contrasts with the overall trend in the UK, where the average selling time is 34 days in Scotland and as long as 65 days in London.
But where else are we seeing fast selling times in Birmingham?
Sheldon
Sheldon, currently the fastest-selling area in Birmingham, sees properties on the market for an average of just 74 days. Its proximity to Solihull and Birmingham Airport means it is very appealing to professionals and commuters. The average property price in Sheldon is £180,471, aligning with Birmingham’s average.
Shard End
Following closely, Shard End ranks second in terms of property sales speed, with an average market time of 75 days. Located to the northeast of the city centre, this area, though not typically renowned for a thriving property market, now shows signs of growing popularity. The average property price here is £172,076.
Kings Heath
Kings Heath stands third, with properties taking an average of 83 days to sell. Regarded as a more affordable alternative to Moseley, Kings Heath has risen in demand. The average price for a house in this area is £197,578.
Yardley and Chelmsley Wood
Both Yardley and Chelmsley Wood are also notable for their property market activity, with homes staying on the market for an average of 90 days. These areas have been identified as popular choices in the Birmingham housing market.
As we can see, while the average time to sell a house in Birmingham varies by area, with places like Sheldon, Shard End, and Kings Heath showing faster sales, there is an alternative for those seeking a quicker, guaranteed sale.
At We Buy Any Home, we offer a unique solution as cash house buyers. We can expedite the sale of houses in as little as 7 days, providing a level of speed and certainty that high street agents typically cannot match. Our approach guarantees a sale, removing the uncertainties and delays often associated with the traditional house selling process.
This makes We Buy Any Home an attractive option for those needing to sell their property swiftly and with assured results. Give us a call now for more information.
