The UK’s ‘Second City’ has been undergoing a radical overhaul in recent years and as a result, Birmingham is one of the most in-demand places to live in the country.
However, the country as a whole is still feeling the effects of recent economic turbulence and mortgage rates are still very high, which has meant that demand and prices of properties have decreased across the country.
This is normally great for buyers, as those with the funds available can snap up quality properties for reduced prices, but not so great for sellers, as they’ll need to reduce their asking price in the hope of making a sale.
Still, some cities in the UK aren’t experiencing a huge drop in property prices. Some cities in the UK have demand that is just as high (if not higher) than ever.
Is Birmingham one of them? Yes, in most places, it is. Birmingham is one of the few major cities in the UK to offer a seller’s market.
What Is the Difference Between a Buyer’s and Seller’s Market?
The difference is easy to explain.
- A buyer’s market is a market that favours the buyer. This means that there are fewer buyers in the market, and a lot of people are looking to offload their homes.
- It is therefore easier for a buyer to get a decent deal on the property as sellers often have to reduce their asking price in the hope of getting a sale.
- Generally across the UK currently, it is a buyer’s market currently. Property prices are falling as people struggle to afford the higher mortgage rates, and most homes are selling below their listed value as sellers drop prices to attract buyers.
A seller’s market on the other hand is when the seller is in control.
- It means that there are very few properties going on the market, but a whole host of buyers looking to snap them up.
- There may be a lot of competition for a single property, and this could potentially lead to a bidding war. In a seller’s market, properties can often sell significantly above the listed market price, particularly in higher-demand areas.
- You’re more likely to find this in major cities, like Birmingham, where property is often at a premium.
Property markets can change between buyers and sellers quite often. Once the property prices in an area become too high for the buyers, they’ll start to fall back down, becoming a buyers’ market. So, just because we will be stating that parts of Birmingham are currently a seller’s market, it doesn’t mean that will always be the case, so timing a purchase or sale is often key to getting the best deal.
If you want to sell house fast in Birmingham remember to call us at We Buy Any Home first. We can make you an offer in minutes so do so now if you want to know get things moving quickly with no hidden fees.
Is Birmingham a Buyer or Seller’s Market?
It is both. While the bulk of Birmingham can be categorised as a seller’s market, there are a few places that are more geared toward buyers, reflecting the sophistication of Birmingham’s housing stock.
Birmingham, as a whole, is expected to see a 19% growth rate in property prices over the next few years, with most other cities not even coming close to this growth rate. This is thanks to the large investment in the area, plus the fact that Birmingham has lots of large businesses that won’t be moving out any time soon. This helps to keep employment options high and thus keeps property prices high as people look to settle in the area for the long term.
Rental prices in Birmingham are set to climb by broadly the same amount too, meaning that more and more buy-to-let owners are looking to snap up properties here, which will have the impact of pushing property prices up.
Is Your Area a Buyer or Seller’s Market in Birmingham?
As with most places in the UK, the demand for Birmingham property is starting to get a little bit cold for sellers, with many parts of Birmingham being on the cusp of a seller’s market, but not quite. They are regarded as quite a weak buyer’s markets, so a small change to the economy could have a major impact there.
However, Birmingham has made the list of strong seller’s markets in the city with the following postcodes very much in demand:
- B27
- B37
- B28
- B34
- B10
- B23
- B14
However, not every market in Birmingham is quite as strong. Some are buyer’s markets, which means it may not necessarily be the right time to sell your property if you live in one of these postcodes, although it does depend on how much you paid for your property:
- B1
- B4 (very strong buyer’s market right now)
There are some postcodes which are sitting on the cusp of becoming a seller’s market, but they aren’t quite there yet. For example, B20, and B6.
If you wish to navigate the property market and find out if the area where you live is a buyer’s or seller’s market, you can look at property prices in Birmingham on sites such as Rightmove and compare the sold price versus the listed price. If houses consistently sell below the listed price, then you know it is a buyer’s market. A useful tool can also be found here.
Sell Your Home Fast
Need to sell house fast? If you live in a seller’s market, this should be simple, but often estate agents charge you high commission fees that eat into your profits. If you live in a buyer’s market, then off-loading a property can be difficult, plus you face lots of fees once you do finally sell. Here at We Buy Any Home, you can sell your property in under a week, regardless of the market conditions and regardless of the property’s condition. We can even buy with tenants in situ.
Contact us today and we’ll give you a cash offer for your home within minutes. This really is the best way to sell house fast.
