The property market in the West Midlands is still showing signs of life, even as house prices across the UK are starting to wobble.

New figures from Halifax show that the average house price in the West Midlands is now £252,745, a small 0.8% increase compared to this time last year. While that might not sound like much, it’s actually better than most other parts of the UK. For example, house prices in the East Midlands have actually fallen by 0.4% over the last year.

Why are prices still rising?

The experts say it’s all down to a few key factors:

• Strong Wages: People are earning more money, making it easier to afford a mortgage.
• Confident Economy: There are signs that the economy is getting better, giving people more confidence to buy a home.
• Low Interest Rates: Mortgage rates are still relatively low, making it cheaper to borrow money.

But there’s a catch…

• Limited Housing Supply: There aren’t enough homes available, which is driving up prices.
• Rent Increases: Rent is going up, which could encourage more people to buy rather than rent.
• Election Uncertainty: The upcoming general election could make some people hesitant to buy or sell.

What does this mean for you?

If you’re thinking about buying a home in the West Midlands, it’s a good time to act. Prices are still relatively stable, and there are signs that the market is strong. But it’s also important to be aware of the potential for prices to rise further due to limited supply.

Expert Opinions

• Amanda Bryden, Halifax: “The market is unlikely to see huge fluctuations in the near term.”
• Nathan Emerson, Propertymark: “There may be potential caution from buyers and sellers.”
• Myles Moloney, Chase Buchanan: “Well-presented family homes are particularly popular.”
• Sam Mitchell, Purplebricks: “The property market is continuing on its road to recovery.”
• Jeremy Leaf, North London Estate Agent: “Buyers and sellers are gaining confidence.”

Don’t forget:

• Mortgage Rates: You can lock in a mortgage deal up to six months ahead of time to protect yourself from future rate increases.
• Rental Demand: There’s still high demand for rental properties, which could put pressure on house prices in the future.

The Bottom Line

The housing market in the West Midlands is in a good place, but it’s important to be informed and to make sure you’re comfortable with the risks before making a big purchase.