We look back at 2014, another positive year in the property market
Mon 05 Jan 2015
This time last year, there was genuine optimism from many that we were heading into a property boom. Prices had increased in 2013 and some industry experts were predicting double digit growth for 2014. It didn’t quite reach those heights, but it’s been another promising year, particularly here in Sutton Coldfield.
At the right price, homes continue to sell well in the area and a large number of our new instructions continue to sell within four weeks, which shows the appetite for well presented, fairly priced homes.
In particular, certain property types in certain areas continue to do well, driven by specific market and geographical factors. Those looking to sell a traditional semi-detached property in Four Oaks or a two or three-bedroom starter home in Walmley for example, are well placed to take advantage of continued strong demand which inevitably pushes prices up.
2014 saw some big changes in Sutton Coldfield, not least the reinstatement of historic royal status. The whole town is still riding on the crest of a wave from the momentous decision and last year also saw the creation of a new Restaurant Quarter, whilst the standard of education continues to be a key reason why people move to – and stay in – Sutton.
The first five months of the year were extremely busy and, like many in the industry, we thought the momentum would continue, especially on top of positive headlines in the national press. The inevitable summer quiet period came but then market never quite picked back up to the levels seen in the first half of the year.
Part of the reason for this is the affect that the Mortgage Market Review (MMR) had on the market. Lenders are asking for a lot more information which means it has become - and will continue to be – harder to get a mortgage. For many buyers, especially those who haven’t moved for a number of years, the whole process is unrecognisable and whilst it does not seem to have affected appetite, it has certainly reduced the number of mortgage approvals.
Read our blog about what we can expect in 2015 here.
Paul Ivens, Director