West Midlands sees sharp rise in demand for family homes
There has been a sharp rise in demand for family homes across the West Midlands fuelled by pupils returning to school.
The pandemic-led search for space means demand has also spiked for four and five-bed homes in some areas, with Sandwell and Dudley seeing notable rises.
Wolverhampton and Walsall are also enjoying a rise in demand for family homes, up more than 10 per cent since March in both areas.
Zoopla says that buyer demand for family homes across the West Midlands has risen sharply since pupils returned to the classroom in March. The increase in demand was further amplified by the announcement of the extension of the stamp duty holiday to the end of September and the rapid progress of the vaccine roll-out.
Demand for two and three-bedroom homes in Sandwell has risen by 40 per cent in the last eight weeks, with an average price £179,000.
The search for family homes is also soaring in Dudley. Demand for two and three-bedroom homes has climbed by 18 per cent since the schools returned, with the average price at £199,000.
Dudley’s booming property market has also seen a 57 per cent rise in demand for four and five-bedroom homes since March, which have an average asking price of £324,000.
Wolverhampton has seen a 16 per cent increase in popularity of two and three-bedroom homes since March, which have a current average asking price of £163,000.
Surge
In Walsall four and five-bedroom homes are most in demand. The area has seen a demand increase of 12 per cent for bigger homes, with an average value of £323,000.
Zoopla’s House Price Index last month revealed that the average house price in the West Midlands is now £193,500, with prices rising by 4.3 per cent in the last 12 months. The data also showed prices in the West Midlands have increased cumulatively by 23.3 per cent in the past five years.
Property expert Paul Cookson, regional sales director at leading Birmingham estate agency Leaders, said “Since schools reopened, we’ve seen a surge in demand for family homes across the West Midlands.
"Parents are grabbing the opportunities presented by the lifting of lockdown restrictions to seek more space.
"The West Midlands is a fantastic place for families to live, with its proximity to cities like Birmingham and Coventry and access to beautiful countryside and open parkland. We’re expecting demand to keep rising as we head towards the end of the stamp duty holiday in September.”
Grainne Gilmore, head of research at Zoopla, added: “More families in the West Midlands took the opportunity of the kids going back to school to look for a new home, and that has had a big impact on demand for homes - with demand for two and three-bed homes increasing across areas including Sandwell, Dudley and Walsall.
“As lockdown restrictions continue to ease and demand for outdoor space continues at pace, homeowners in the West Midlands have a golden opportunity to move to a new property before the stamp duty holiday ends in September."
