Moving Home? What Will the Solihull Property Market Look Like in 2017?
With the Brexit vote, a sense of uncertainty in many areas has seeped into the country. Businesses are worried about trade and finding staff, international companies are wondering if they should stay here or move to the continent and the house market sits quiet, waiting to see what happens. But what will happen to the house market in Solihull in 2017 if you are planning on moving home?
Why the market paused
In the immediate aftermath of the Brexit vote, the Royal Institution of Chartered Surveyors reports that many buyers and sellers had pulled out of the market. There was a sense of concern over what was going to happen and any number of deals fell through or people decided that it wasn’t a good to time to be moving. In August, they reported just over 96,500 sales compared with over 104,000 the previous August.
A lot of the reason for this is that buyers and sellers are waiting to see what happens with the negotiations regarding Brexit. There is concern that businesses may leave the country, leading to higher unemployment and that an already difficult mortgage market could become even more tight, making it harder to buy a house.
But the outlook is positive
However, as the shock of the vote began to ease, the housing market started to slowly pick up again. Removals companies reported more enquiries and bookings while estate agents noticed the number of homes on their books were slowing increasing.
A number of experts now think that the market will actually grow this year, despite the hesitation around the Brexit vote. According to Rics, they are expecting a rise of around 3% across the country and in this, they expect the West Midlands to be one area that sees a higher than average increase in people buying and selling their homes.
Cities seeing big rises
Solihull itself, alongside Manchester, has been highlighted as one of the places to see the biggest growth in the coming year. London, normally the property hotspot, looks set to stagnate some as the house prices reach such levels that most people simply cannot consider moving there. But the other big cities have the right blend of being more affordable while offering a wide range of employers and also all the cultural and social features that homeowners now want.
The number of new homes being built also looks set to continue and this could help enhance the city’s property market. Whether on new sites around the city or as development nearer the city centre to existing buildings, the creation of new and additional homes is key. The number of people looking for a house continues to increase and while mortgages are difficult to obtain for some, there are still plenty of people seeking a newer property.
Despite the caution created by the Brexit vote, the housing market in Solihull and around the West Midlands remains healthy. This means plenty of homes being sold and also plenty of opportunities for people looking to move to the area.