PHILIP’S BLOG 03/01/2014

2014 BRUM RECOVERY

2014: THE YEAR OF THE BIRMINGHAM RESIDENTIAL RECOVERY

As we step into the New Year, now with three well located & very active offices here in Birmingham City Centre, we can already sense that the month by month success of the second half of 2013 will roll forward faster in the coming year. The steadily increasing confidence by both buyers & vendors we suggest is going to mean that 2014 could be our busiest year in seven years.

In a faster moving market vendors more than ever need to be talking to the most active agents in their area & not compromise with smaller agencies or with the once specialist letting agencies now opening sales departments. The reason is simply that of current prices. The Land Registry results of confirmed local sales appear three month in arrears so those agents advising, with limited experience or from quieter firms, just will not know what other local activity is happening at the moment a vendor is considering listing OR indeed whether or not to accept an offer once it comes forward. When you add in that most sales have been taking three months or more to complete some of this sales data available on the internet is therefore six months or more out of date.

For purchasers the key this year is going to be to the evidence they have to prove that they have funds in place or offered in principle to buy, which they can demonstrate to a vendor who might have one or more other buyers to consider. Fortunately long chains of buyers rarely exist in the City Centre but for those vendors stepping out remember it is your buyer who might in turn be giving you credibility as you demonstrate in turn to your vendors agent that you can readily buy again . We work closely with London & Country the free advice mortgage brokers www.lcplc.co.uk and recommend them.

MSN are already flagging The Jewellery Quarter as a 2014 hotspot. We in turn echo this & also flag up the area running from the Park Central development towards & around The Mailbox .Whilst this area will see the real benefits in 2015 as The Mailbox retail shops reopen & the New Street Station refurbishment completing nearby it might be a canny, affordable & convenient area to buy in the meanwhile.