Birmingham's residential property market is proving to be as robust as ever with Knight Frank's new homes team recording over 100-percent growth on their October sales compared to the same month last year.
At a time when the market has been analysed down to the last carpet treader, the Birmingham property agent believes its figures speak for themselves as an illustration of healthy buyer confidence.
Some 171 sales were taken in October compared to the same month last year when there were 82 sales. Knight Frank claims the figures more than answer the sceptics.
Mark Evans, partner at Knight Frank's Birmingham office, said: "With consistent demand for high- quality homes in Birmingham and the surrounding suburbs, the effects of a national stabilising market here have been minor when compared to elsewhere in the country.
"Certainly any rumours of a downturn in the housing market has not materialised.
"This time last year, the UK was deemed to be in a more robust condition to today, yet our figures show that purchaser confidence in Birmingham has steeply risen since then and that local buyers are still prepared to put their money where their mouths are in affirming their faith in the new developments on offer.
"While it is fair to say that the nature of the property market has changed over the last 12 months, with a lesser degree of urgency from buyers, who are generally more price sensitive, if the product and price is right sales figures are still very much keeping pace."
Although the sell-out success of Rotunda in the middle of the October has more than likely helped the sales success, Knight Frank's figures had also been achieved the previous month with September also up on 2004, rising by almost 200 per cent from 32 sales to 90.
Mr Evans believes this sales rate will be maintained.
"Birmingham benefits from a healthy cross section of buyers from the aspiring first and second timers to large investment consortiums," he said.
"Each of these purchaser profiles buys into a scheme at different stages of its life cycle, with investors remaining the primary purchaser of off-plan apartments, and owner occupiers keen to snap-up apartments once completed. With a healthy balance of different purchasers, the market can remain buoyant, both for offplan and build- complete sales."
Demand is tipped to remain high; in a national context Birmingham's city living market is perceived as being fairly immature and Knight Frank recently announced predictions that the 1,300 apartments due for completion in the next 12 months will only supply a small amount of the demand from both the investor, owner-occupier and re-sale markets.
On a regional scale, Dudley, Walsall and Wolverhampton are coming forward as "new property hotspots" and a number of developments are under way.
However, with the launch of the first phase of the 1.1 million sq ft redevelopment of Masshouse Circus, and many more schemes in the pipeline for Eastside, the Jewellery Quarter and The Mailbox area, Birmingham's renaissance is likely to continue.
Mr Evans added: "As the market has diversified so have the city centre schemes to ensure that purchasers continue to vote with their feet.
"Developments which currently top our bestseller list include Quartz, by Charles Church, which has sold more than two thirds of its 202 apartments in a series of bulk deals to savvy investors keen to tap into the lucrative Jewellery Quarter buy-to-let market."