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Birmingham And Nearby Towns


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I have been following the Birmingham, Worcester, Bromsgrove, Lichfield, etc. property market for a while - using propertybee to great effect. The Northern Rock fiasco last Autumn certainly helped change the market (although it had already started to go down before NR). Up till Xmas there were many (in the £200k - £250 level) £5k reductions and some £10k reductions. After Xmas many reductions were immediately £10k with some at £15k. Uptill the end of March £15k reductions were becoming more frequent. Since the start of April £20k reductions are cropping up here and there. All good news!!

There are many properties that have been on the market for a year or so that are looking starkly over priced in relation to the ones that are reducing their asking price, and indeed new propewrties coming on the market.

Where next? - £25k and £30k reductions?????

Any guesses as to what will be happening by Xmas this year?

Also seeing a good number of properties coming back on the market after being SSTC, or Under Offer.

Anyone else watching Birmingham and the surrounds? If so, what are you seeing, hearing?

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I have been following the Birmingham, Worcester, Bromsgrove, Lichfield, etc. property market for a while - using propertybee to great effect. The Northern Rock fiasco last Autumn certainly helped change the market (although it had already started to go down before NR). Up till Xmas there were many (in the £200k - £250 level) £5k reductions and some £10k reductions. After Xmas many reductions were immediately £10k with some at £15k. Uptill the end of March £15k reductions were becoming more frequent. Since the start of April £20k reductions are cropping up here and there. All good news!!

There are many properties that have been on the market for a year or so that are looking starkly over priced in relation to the ones that are reducing their asking price, and indeed new propewrties coming on the market.

Where next? - £25k and £30k reductions?????

Any guesses as to what will be happening by Xmas this year?

Also seeing a good number of properties coming back on the market after being SSTC, or Under Offer.

Anyone else watching Birmingham and the surrounds? If so, what are you seeing, hearing?

Yep,

Im watching Birmingham closely, although just in the price bracket that im interested 150k and below.

I reckon around 30/35% have seen a reduction since I started monitoring using Property Bee.

Most between 1-5k, with a large number of 5k reductions.

Im also seeing more and more 10-15k reductions, with 10k reductions not uncommon. Additionally, some 20k reductions on generally flats.

I seem to be getting a bigger proportion of discounts of a greater amount in the "nicer" areas, such as Sutton Coldfield and Solihull. The crappier areas seem to have not cut their price as much and as frequently!

Its now possible to buy a comparable property in Solihull and Aston for around the same price!! Madness.

I still can't get my head around some of the flat prices. Some are still holding out for 150k for a 2 x bed flat (that looks horrible from the outside)....while others are slashing their price down hugely.

Selly Oak has been interesting: huge numbers of new properties for sale in the last month. As it is a huge student area, Im assuming that many BTL's are trying to do a runner.

Additionally, the number of properties being sold with no onward chain is astonishing. The photos show they are vacant. Again, indicative of BTLs legging it.

One new build block I have been watching out towards Bham airport, has gone from being offered for 150k for 1 bed flat (or 200k for 2), to being offered for 62.5k for 50% share on part buy / rent. The block has been for sale for months (24 flats, and they have sold only 4 in a year I believe). Housing associations are going to have a field day picking up bargains, and I guess this is just the beggining.

If anyone wants any more detail on Birmingham (FTB prices sub 150k), feel free to PM me. Ive got most of Birmingham covered, and have done since 31st Jan.

Xmas this year: we'll start to see more and more distressed sellers. The spring bounce that hasnt happened will turn into a summer selling frenzy, dragging more and more into negative equity.

It will be interesting.

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  • 2 weeks later...

Hi Alfie

I can confirm that drops are starting to become more frequent in Lichfield.

I haven't noticed anything really major yet - about £15k on a £300k house seems to be the limit at the moment. However it is noticeable that very little stock is shifting and there is a log jam of property building up.

I know one or two people with their house on the market at the moment who, having already dropped 5%, are preparing to take another 5% off. - classic chasing the market down.

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House over the road from me had been up for £160k for about 6 months, STC once with crappy sign saying similar properties required in the area must have fell through came homw from work the board had ben removed say they have cleary given up trying to sell. Also noticed traditional selling agents having lettings on their books one even trying to let a flat above their shop seems like a cashflow issue.

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I'm looking to buy a 2 bed (well 1 bed, 1 office) flat somewhere in or near Brum for 100K. Didn't look realistic until this year. Now hopefully will happen. Reckon I might buy next year rather than this summer though to let prices fall a bit more. Not really started looking in any detail yet. Just busy saving.

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  • 3 weeks later...

Hi johnycoldears,

Yep I'm still keeping a keen eye on Lichfield, as I can imagine living there happily, and am seeing good signs of reductions appearing. I agree that very little seems to be shifting and I have noticed a few that went sstc have come back on the market. Elsewhere in the region there do seem to be a number of distressed sellers appearing that are making more hefty reductions compared to the £5k, £10k, £15k that are becoming fairly regular events in the West Mids. I've seen a small number that have reduced by £25k or more - including one that has gone from £225k to £175k in one of the Birmingham areas that i keep an eye on. However, there are still stubborn vendors that are sticking to the asking price they started with last Spring/Summer ..... no doubt the new reality will begin to dawn on them fairly soon.

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  • 1 month later...

Alfie

Nice example of a pretty significant price drop in Lichfield.

The attached was originally up at £225k as per attached.

http://search.property.telegraph.co.uk/sit...ype=b&menu=

The asking price was then dropped to £200k as attached - sorry won't go straight to the property - search Lichfiled, 3bed, £150 - £200k

http://www.billtandy.co.uk/property-search.htm

The property has sold (and completed) at £175k.

This is a decent bunglaow on Boley Park (an excellent area of Lichfield) and still 20% off.

It's starting yo get interesting.

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solihull b91 area; central solihull; prices for houses in b91 around 420-450 2 years ago now selling for 350 for refurb and 385 for walk in condition. they are selling, as the area always has shifted well, even in bad times, and the sheer volume of 4 bed detached house that pre-dominate the b91 area means that theres always a ceiling to prices, and always a bottom price. once they drop then itss a sign then the areas that feed this area from people moving up, are also in trouble. when this area showss drops of 10-15% then you know its real!!!!

there iss also a property on manor road wass on for 595k, already too high even in the heady heights of the boom peak, but now with house few doorss down reduced to 495, and a new one round the corner on seven star for 419k, it really is looking stupid!

there is also a 70's bryant built monster house needing wsork for 499k. this is cheap!!!!!

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I grew up in Sutton Coldfield (Northeast B'ham) before I was exiled up north, and I often think about moving back.

Sutton actually has an awful lot going for it (a great example is Sutton Park) but even so, nearly every time I visit, I am reminded what a thoroughly depressing place it can be. The sense of depression and decay has become almost tangible over the last couple of months. I went out for a quiet drink with an old friend when I was last in town and was verbally assaulted by a 'pack' of chavs at the bus stop for no reason whatsoever. Once we got to the pub, a guy was in the process of being forcibly removed by the manager and staff.

That said, I think England in general is really starting to lose its appeal. Is it any nicer down south?

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I grew up in Sutton Coldfield (Northeast B'ham) before I was exiled up north, and I often think about moving back.

Sutton actually has an awful lot going for it (a great example is Sutton Park) but even so, nearly every time I visit, I am reminded what a thoroughly depressing place it can be. The sense of depression and decay has become almost tangible over the last couple of months. I went out for a quiet drink with an old friend when I was last in town and was verbally assaulted by a 'pack' of chavs at the bus stop for no reason whatsoever. Once we got to the pub, a guy was in the process of being forcibly removed by the manager and staff.

That said, I think England in general is really starting to lose its appeal. Is it any nicer down south?

I have a Sutton Coldfield refugee staying with me at the moment! Long discussons lead me to think that home is where the heart is, but that's just me. My pal is here in London because she could find no work at all near Sutton however menial, but in London she gets £20ph.

Chavvy behaviour happens everywhere I think.

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Wolverhampton prices dont seem to have moved much at all - still very overpriced.

Im keeping a lazy eye on the flats where im renting just out of curiosity, and no prices have moved at all since start of May out of the 4 flats up for sale. The flats arent selling, one has been up for 282 days now.

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Solihull prices falling, and surrounding areas suffering; eg Acocks Green, halfway Brum and Solihull - nice 2 bed victorian now reduced from 143 to 135 (not much) but been on for 4 months. agent hinted would accept 125. round the corner offered similar reduced from 149 to 125. one next door ssold for 130k.

bigger Solihull stuff; nice 4 bed detached reduced from 459 to 425, one similar sold for 420k. one in bad condition that first time sold since 1956 went for 350k

Grandborough Drive, once the best Bryant development in Solihull has two houses on at 600k; been for sale for 2 years, one being empty and looking rather sad and older than its 20 years...

Bryants by the way were bought by Taylor Woodrow, who then acquired Wimpey. their product dipped each time, until no product left to sell????

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i am in a village between worc and birm and the figures are far worse than evan the ones you are quoting in all the nearby villages and the nearby town; we are seeing drops of £100k to £300k at the middle and high end of the market, and in one drop rather than incrementally. At the lower end, my sister's neighbour has put house on market for £140k - was bought for £210k two years ago.

But things still arent moving. Has been pretty stuck here for 18mnths now and is getting much worse rapidly

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i am in a village between worc and birm and the figures are far worse than evan the ones you are quoting in all the nearby villages and the nearby town; we are seeing drops of £100k to £300k at the middle and high end of the market, and in one drop rather than incrementally. At the lower end, my sister's neighbour has put house on market for £140k - was bought for £210k two years ago.

But things still arent moving. Has been pretty stuck here for 18mnths now and is getting much worse rapidly

Not Barnt Green is it?

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Dare i say this i today had my "rental" property valued for auction as it has been on the market for 5months unsold @ £99,950 which would of been cheap last year... The auction agent told me a realistic figure for this property (a 3 bed gch in good & modern decorative order ) would be 60k on a good day!

In the 5 months it had been marketed ive had a few viewings but not 1 decent offer and a few weeks ago had a letter from the original estate agents saying they was closing their branch in my area.....

I am going to re- rent it now and wait for the market to improve as it used to be my own home only kept it incase my relationship didnt work out but as were married now thought it might of been time to sell.... Oh well maybe in 5yrs!!

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  • 2 weeks later...

Newbie here

Been a lurker for a long time but always afraid to post as Im nowhere near as knowledgable as you lovely peeps. Anyway, just wanted to update whats happening in my area of Sutton Coldfield.

Im in rented accomodation and in the lucky position that when I do finally buy it will be a cash purchase so have been an avid follower of right move for the last 12 months or so. In the last two days, two of the major Agents in the area, Paul Carr and Acres (hope im allowed to name them) have removed all property from Rightmove. Also Acres have closed at least one of their offices in Walmley, Sutton Coldfield. Not sure about there other areas.

According to houseprice.co.uk, in June only 5 properties sold in my postcode area B76 (walmley and surrounding areas) and the previous two months were 9 properties a month. With 3 agents in B76 thats not a lot to go round. The norm for this time last year was around 60 properties a month

Have just seen the first 3 bed property to come to the market at under 160 which sets a bit of a precedent for Walmley. Would love to know if anyone else is following Sutton Coldfield, and Walmley in particular.

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Newbie here

Been a lurker for a long time but always afraid to post as Im nowhere near as knowledgable as you lovely peeps. Anyway, just wanted to update whats happening in my area of Sutton Coldfield.

Im in rented accomodation and in the lucky position that when I do finally buy it will be a cash purchase so have been an avid follower of right move for the last 12 months or so. In the last two days, two of the major Agents in the area, Paul Carr and Acres (hope im allowed to name them) have removed all property from Rightmove. Also Acres have closed at least one of their offices in Walmley, Sutton Coldfield. Not sure about there other areas.

According to houseprice.co.uk, in June only 5 properties sold in my postcode area B76 (walmley and surrounding areas) and the previous two months were 9 properties a month. With 3 agents in B76 thats not a lot to go round. The norm for this time last year was around 60 properties a month

Have just seen the first 3 bed property to come to the market at under 160 which sets a bit of a precedent for Walmley. Would love to know if anyone else is following Sutton Coldfield, and Walmley in particular.

I would also be very interested to know more about the Sutton Coldfield market.

My wife tragically lost her mother a few months back and, along with her siblings, has inherited a run down property in Sutton Coldfield. Once the family have finished removing the effects from the house they face the unenviable task of trying to sell into this market.

My Wife understands (after a lot of educating / nagging from me) just how bad the current situation is, and how much worse it is likely to get. The problem will be in persuading her brothers and sisters to price sensibly and undercut the market.

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Hi johnycoldears,

Sorry to hear about your mother-in-law. In regard to your wife and her brothers and sisters it may be a case of 'seeing is believing'. Of course, you may have done this already but downloading Property Bee (which tracks price changes on Rightmove) might help them see just how much price cutting is going on in the West Midlands - including Sutton Coldfield. If you have Property Bee operating in 'hive' mode you should be able to see price changes going back quite a few months.

I have been tracking Sutton Coldfield for a while (as well as Lichfield, as you know) and have been surprised at the large number of properties coming on the market. Plenty of the property, as elsewhere, seems to be stuck not selling. If I hear anything about the Sutton Coldfield market I will let you know.

See the following BBC listing of Land Registry House Price data for the West Midlands: http://news.bbc.co.uk/1/shared/spl/hi/in_d...ces/html/cn.stm

Unfortunately Sutton Coldfield isn't specifically identified - but look at the quaterly house price falls in Solihull, Wolverhampton, etc. These stats might help your wife and her brothers and sisters see the reality of the housing market more clearly

edited: to add info

Edited by Alfie Moon
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Yoy update:

http://www.home.co.uk/guides/house_prices_...&lastyear=1

flat prices down 29% already....

blimey this going to be a big crash.

Hmm... detatched houses up 74% in the last 12 months. I think I might take that data with a pinch of salt.

Either that or the OH + siblings are going to be pretty well off when they sell their Mother's house.

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  • 4 months later...

Hi All

We've just moved to Solihull from London (although I'm a Midlander - from Lichfield originally). We're looking to buy a 4 bed detached house - we took an offer of 80% of asking price for our London place - will the good folk of Solihull be as accomodating?

I've seen a 4 bed at the Warwick Road end of Silhill Road for 500k - what do any locals think? Stupid question but should we stay renting for a while? What are the long term prospects for Solihull - historically does it hold value? Must say we absolutley love it here - great part of the world - so would assume it would hold value quite well even in a declingin market. Any help much appreciated

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Hi All

We've just moved to Solihull from London (although I'm a Midlander - from Lichfield originally). We're looking to buy a 4 bed detached house - we took an offer of 80% of asking price for our London place - will the good folk of Solihull be as accomodating?

I've seen a 4 bed at the Warwick Road end of Silhill Road for 500k - what do any locals think? Stupid question but should we stay renting for a while? What are the long term prospects for Solihull - historically does it hold value? Must say we absolutley love it here - great part of the world - so would assume it would hold value quite well even in a declingin market. Any help much appreciated

Solihull is one of the poshest suburbs of Brum. In fact most of them deny they are from Birmingham (the 0121 phone code gives it away though)

Solihull traditionally holds up better than almost anywhere else in the West Midlands due to it's desirability and proximity to open countryside.

Funny thing is that Solihull actually translates into "pig sty on a hill" in Saxon - and they really don't like that one !

Edited by johnycoldears
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