The UK property market has changed a lot over the last five years.
And it will continue to change in the future. In some ways which we can predict, and others in which we can’t.
It’s no different when we take a very specific look at Lichfield - a historic city located just north of Birmingham.
Lichfield has seen a significant increase in the average cost of housing, in a relatively short amount of time.
This isn’t uncommon. But if you are looking to buy a property in the Lichfield area, it’s a good idea to get a sense of how the local market behaves over a period of time.
That’s what this blog is for.
Average Housing Prices Have Gone up by 36%
As mentioned, the average price of a property in Lichfield has increased over the last five years - by 36 percent.
In June 2013, it cost an average of £182,930 to buy a home. In June 2018, that figure reached £248,590.
The biggest increase came between 2013 and 2014, when prices went up by 11 percent.
Over the years, growth slowed until it was at 0.4 percent between 2016 and 2017. It bounced back at 10 percent a year later, however.
You would expect these annual increases to continue. But with the uncertainty of Brexit, and the political climate in general, there are no guarantees.
Semi-Detached Properties Have Increased the Most
Whilst the average price of a property has gone up by 36 percent in this time, it differs depending on the type of property.
A semi-detached house has gone up by 38 percent, higher than the overall average.
On the other hand, flats have only increased by 33 percent in this time.
For detached properties the figure is 36 percent, and for terraced homes it is 35 percent.
So the gap between more affordable properties (flats) and those that cost more (detached) is getting wider and wider.
More New-Builds Are Being Sold, despite a Slump
The new-build property market is certainly bigger than it was five years ago.
In 2013, within the Lichfield area, an average of 13.8 new-build properties were sold every month.
And in 2018, so far, that number is 15.4 per month. Although you do typically see an uplift towards the end of the year - so that may increase.
The highest scoring year was 2017, when the average month saw 26.58 new-builds sold.
Hopefully the trend will continue, and more of such properties will be available on the market in the near future.
How Hunters Services Can Help You
If you’re considering investing in the Lichfield property market, either as a buyer or a landlord, Hunters can help.
Our experience and knowledge of the local area puts us in the best possible position to assist you.
We have a branch in Lichfield, where our team spend their time helping local people buy, sell, rent and let properties.
Get in touch with us today to get started.