Nationally the price of property coming to the market has risen again by around 0.8% which is still the largest rise this time of year since 2015 which brings prices to a record high in all the regions and all parts of the country. The rise is still smaller than last month’s rise of 1.8% or Aprils mammoth rise of 2.1%. All this could be an indication of the pace slowing in what has been a hectic market.
Buyer demand continues to outstrip supply which means the markets size is constrained until the supply picks up. The number of sales that were agreed by estate agents in May was 17% ahead of the same period in 2019, which is a drop from the pace recorded in April where they were 45% higher. Than April 2019. The supply issue also sees stock levels at an all-time low with the average estate agent having 17 properties to sell falling even further from the record low of 19 per agent. This shortage in property means that the number of sales will be diminished until the supply is replaced.
West MidlandsMost if not all of the country is experiencing much of the same. In the West Midlands properties have increased in price by around 0.4% and looking in comparison to this time last year we have seen an increase of 9.5% bringing the average price of a property in the West Midlands to £255,419 which a property selling in around 39 days on average.
Below is a graph showing how the West Midlands compares to the rest of the country. The West Midlands is the fifth most expensive region in the country:
Below you can see how the rest of the country has compared in growth, monthly change and days to sell to the rest of the country:
