Just this week, data has revealed that in London, prices are now falling at their fastest rate since the financial crisis of 2008. However in the North-West, growth is at 3.4 per cent. How can buyers and sellers in the Wolverhampton area make sense of what is happening.
But with political uncertainty around the country’s next Prime Minister, a potential General Election and concerns around how Brexit will play out, buyers are mostly waiting and sitting on their hands but they may be in for a shock. What do I mean well at a micro level where I am based in Wolverhampton the market is still doing well, after Brexit with all the pent up demand prices could move upwards pretty fast.
All eyes are on the North-West and the Midlands. By region, the North-West recorded the highest annual house price growth at 3.4 per cent in the year to May 2019. Close behind is the West Midlands, where prices increased by 2.7 per cent, according to (ONS) data. The Midlands’ economy has been boosted by big firms such as HSBC opening offices and various new businesses opening up larger sites in the region. HS2, the high-speed railway which, it is planned, will connect London to towns in the Midlands and the North, is also helping to boost prices.
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