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Should You Buy Now....

Should You Buy Now: West Midlands Property Market Update!

  • Price Growth: Gone are the days of double-digit growth. Nationwide and Halifax report modest annual increases of around 1%, indicating a plateau. This is good news for first-time buyers as affordability becomes less of a hurdle, indicating you also can have your property, either for purchase satisfaction or rent-revenue portfolio.

  • Buyer Demand: While there have been slight month-on-month dips in sales agreed, there's renewed momentum. Sales in Q1 2024 were 16% higher compared to the same period in 2023, suggesting a healthy appetite for property.
  • Shifting Power: Buyers are more price-sensitive and see room for negotiation. Currently, 61% of offers are accepted below asking price, with some exceeding a 5% discount.
  • Savvy Negotiation: With more balanced power dynamics, you can leverage your offer strategically, especially if the property has been on the market for a while.
  • Stability: The market isn't experiencing dramatic price drops, offering some security for your investment.
  • Interest Rates: While these remain higher than a year ago, there have been welcome falls in mortgage rates, making borrowing slightly less expensive.
  • Long-term view: If you plan to stay put for several years, short-term market fluctuations become less significant.
  • Affordability: Can you comfortably manage the mortgage repayments with current interest rates? Factor in potential future increases.
  • Your Needs: Are you looking for a specific type of property in a particular location? Availability and competition might influence your decision.
  • Explore different areas in the West Midlands. Property values can vary significantly.
  • Talk to a reputable estate agent to understand the local market dynamics.
  • Get a mortgage pre-approval to know your budget and strengthen your offer.

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