The West Midlands housing market is back on the boil – with demand from would-be buyers at its highest level for nearly four years.
The regional market continued to show signs of recovery during June, with rising house prices and increased demand, according to the latest RICS Residential Market Survey.
The survey said: “Nine per cent more chartered surveyors in the region reported prices rose rather than fell in June, and while this was still low, it was the strongest month for house prices in the region since January 2010.
“The outlook for future prices is also strong with 20 per cent more respondents reporting that prices will rise rather than fall over the coming three months.
“This increase in prices has mainly been fuelled by increasing numbers of prospective buyers returning to the market. Last month, a net balance of 48 per cent more chartered surveyors reported a rise in new buyer inquiries in the West Midlands.
“In a clear sign that market confidence is gradually being restored, and that funding schemes are making a difference, demand from prospective buyers is at its highest level since August 2009.”
John Andrews, FRICS, of Doolittle & Dalley said: “We have seen increased activity across most house price ranges. More property is also up for sale and the number of purchasers is on the increase. However, more homes need to come to the market to increase activity levels further and prices need to remain realistic.”
Peter Bolton King, RICS Global Residential Director, added: “After what has seemed like a very long wait we are finally starting to see what looks like the beginning of a recovery in the West Midlands housing market.
“It is important to remember that activity levels still remain depressed by historic standards but the various initiatives designed to encourage the provision of finance into the market do appear to be paying dividends,” added Mr Bolton King.