PHILIP’S BLOG 15/08/2014

mj-car-south-east

The autumn selling season is now underway

Now the buckets and spades have been put away for another year we can now focus on the next three and a half months of successful sales here in Birmingham City Centre. We know vendors & their solicitors can be reached, applicants can be focussed on their decision making and their surveyors plus mortgage brokers can be available for business. This year the summer sales pause happened later than in recent previous years, in a market noticeably busier with steady increasing confidence seen from developers, owner occupiers & investors alike. September is now on us and its back to work.

We continue to love the national newspapers talking about the housing market, particularly when they mention Birmingham, because they do help the feel good factor and create interest from outside the City. Much to our dismay they invariably carry on quoting national averages of price increases or sales rates based on the South East, which invariably distort our local market.’ I’ve read I can get 10% more’ is the sometimes the cry our valuers hear. Our team watch sales prices across the City and have their fingers invariably much closer to reality than some other agents believe. The Birmingham apartment market followers will quickly find under priced stock if they see it listed on the leading portals or more likely ignore the overpriced stock. The reality of this market is that it isn’t running away and funding is in fact much tighter than most vendors or their buyers realise. Notwithstanding the gay abandon that applicants clutch their Mortgage in Principle letters when they start viewing there are invariably more obstacles in their way than many of them think. A large Birmingham suburb agent recently reported to me that he was finding fall through rates of over 40% based on his Sales Agreed figures as a result of mortgage difficulties. The press have yet to report this statistic but the banks are I think more cautious than they let on. The positive is that this market is therefore sustainable and we can expect to see steady growth through the autumn months based on a continuing restricted supply and good levels of overall demand. Buyers looking at good apartments in the leading blocks will though continue to find they have competition.

With our three high profile offices we are very well placed for vendors and applicants alike. Our market share is increasing and this means more stock for buyers to view and more buyers for vendors wanting to sell. Our New Homes division has some particularly good stock coming forward this autumn, particularly loft type space so do register your interest with kathryn@maguirejackson.com if you want to be kept informed.

Philip Jackson
maguirejackson.com