Birmingham Sales Boom in £1 Million Property

Birmingham Sales Boom in £1 Million Property

According to a report released by the Halifax, the sales of new homes in Birmingham and across the West Midlands saw a rise of 127% in sales during the year which is the second highest to volumes of sales in London of £1 million properties that reached a 134% increase.

Reasons behind this sales boom of new houses for sale in Birmingham are because more vendors are adjusting their prices to a lower and more realistic level due to the stagnant status of the market. Previously prices were too high which put off buyers causing fewer properties over £1 million to be sold.

Mortgages for £1 million plus homes were also being queried by mortgage providers because of the over-inflated prices being asked for the properties, which in turn prevented house deals from going through due to the lack of mortgage financing. Because of the more realistic pricing expectations that have been set, more mortgages have been approved
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Sales in this niche property sector were also affected by the volatility and instability of the current property market and buyers not being confident enough to buy homes and pay higher prices, which in turn stopped the £1 million plus market from growing any further.