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First-time Buyers

West Midlands leads surge in high value properties

Adam Williams
Written By:
Adam Williams
Posted:
Updated:
22/04/2014

Signs of a housing boom emerging outside London and the South East have continued with a growth in high value properties across the rest of the UK.

Experian research showed a 19.6% increase in properties valued over £500,000 coming onto the market during the first three months of the year across the UK.

This was most keenly felt in the West Midlands region with 33.4% more high value properties on the market than a year ago.

This figure outstrips the 28.6% rise seen in the capital city during the same 12 month period.

This leap in high value properties meant the overall level of housing stock for sale grew to 6.7%, although the number of properties valued between £100,000 and £250,000 increased by just 2.6%.

The number of houses in the more affordable categories fell dramatically in London with a 13.7% drop in properties worth less than £100,000 coming onto the market and a 28.6% fall in homes worth between £100,000 and £250,000.

Jonathan Westley, managing director of consumer information services at Experian, said: “Only the Midlands and the North of the UK continued to see increases in the number of houses being listed for sale at less than £100,000 in Q1.

“The North East, in particular, is estimated to have benefited the most of all regions from the government’s Help to Buy scheme, which could explain its favourable performance as sellers are tempted into the market in the hope of benefiting from rising prices.”


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