In terms of big-city appeal, Birmingham, the West Midlands' main urban centre has it all - as the UK's second biggest city, it is host to a range of dining and shopping options, as well as employment opportunities across a range of fields. It's also culturally and ethnically diverse. There are plenty of unspoilt villages too, many of which are within reach of largish cities, for those who want the peace, quiet and sense of space that comes with a non-urban home.
Infrastructure is good, with well-developed road and rail links with the rest of the UK, as well as Birmingham's busy international airport, which makes European and long-haul travel easily accessible. For those who like to get outdoors, the proximity of Wales, with its many climbing and walking opportunities, is a lure, but even within the West Midlands, you'll find a number of places that have been designated Areas of Outstanding Natural Beauty.
Types of property
The main urban centres boast a number of luxury developments geared towards high-octane urban living, but they have their fair share of ugly tower blocks, too. There are also the usual rows of terraces and larger semi-detached or freestanding homes. Elsewhere, picturesque villages are where you'll find quaint properties, often with period features, although there are also plenty of newer developments available in these semi-rural locations. There are also a handful of impressive listed properties; often these are stunning homes that have been converted from farmhouses, barns and priories.
You can pick up a two-bedroom, terrace home for around £50,000 in the West Midlands, although such properties will usually be in need of some serious cosmetic work. Flats in this price range are generally in fairly unprepossessing blocks, but can feature anywhere up to three or four bedrooms inside. Double this budget and you can expect to buy similarly sized properties, but they'll be in good decorative order and are likely to be fairly centrally located.
£250,000 will buy you a home that you could expect to pay around twice as much for in the south of the country: think spacious, semi-detached or detached homes in family-friendly areas, complete with gardens and parking. Luxury apartment living also falls within this price range: in Birmingham, particularly, there are a number of new developments offering central cosmopolitan living for the city slicker.
Up the stakes to half a million and you'll have a handful of large period properties, many with views and original features, to choose from, although Birmingham is also host to some upmarket apartments in this price range. Unsurprisingly, there aren't many properties available to buyers with this type of budget to choose from: most are firmly below the £500,000 mark. By the same token, a £1 million budget doesn't offer much choice, although what you can get is to die for: listed farmhouses and converted rectories, grand Georgian homes and barn conversions, as well as contemporary architectural masterpieces.
Investment potential
Tenant demand in the West Midlands as a whole has risen sharply in the last year, mainly due to a consistent influx of migrants from EU accession countries and strong employment and economic conditions. Demand has exceeded supply, especially as rising house prices continue to preclude first time buyers from entering the market. Nevertheless, capital growth outstrips rental yields.
Prices in the West Midlands as a whole have risen by nearly seven per cent in the last year, which is higher than the national average. Increases have been highest in Coventry, where the average property price has risen by over 10 per cent, to £146,641. Dudley and Solihull have also performed well, with increases of nearly eight per cent, although this seems to now be slowing down. Birmingham experienced the worst growth in the region with appreciation of just 4.4 per cent. Even so, the city has a huge student population, a low percentage of privately-rented housing stock (11 per cent) and a high proportion - nearly 25 per cent - of employed 18 to 30 year olds, all of which are positive indications that the area is ideal for buy-to-let investors.
Popular buying locations
Unsurprisingly, Birmingham remains a popular buying location, thanks to its big city status, but for those looking to take a step away from the madding crowd, the SY4 postcode, which covers a handful of small villages on the northern edge of Shropshire are highly sought after, with an average property price of over £296,000. Proximity to the M54 and Chester are two of the main reasons for the area's desirability; there's also the appeal of the villages themselves, which are generally small and quaint.
Bishops Castle is another popular choice - it's a historic market town, which is ideally located for access to Wales and the coast, as well as being just 20 miles from Shrewsbury. The town itself has a full range of facilities, and boasts a number of listed properties. Another bonus? It's one of the cheapest areas in the UK in terms of home insurance, although property prices are generally substantially higher than the West Midlands average.
Up-and-coming areas
House prices in Herefordshire are the highest in the region, rising by nearly six per cent in the last year to reach an average of just over £215,000. Bearwood, an area on the outskirts of Birmingham characterised by its Victorian terraces and bustling high street, has recently become very sought after, as buyers have been priced out of surrounding areas like Harborne where similar properties cost at least £60,000 more.
With thanks to BuyAssociation.
