How the Property Market in Tamworth Has Changed in 10 Years

11th February 2019 posted in Property News

Tamworth, like most other areas of the UK, has changed a lot over the last decade.

Particularly when it comes to the housing market.

Prices have, as you would expect, increased over time. Although they did drop off a little during the recession.

But in general, they’re higher than they ever have been.

Compared to other parts of the country, it isn’t a particularly expensive place. If you’re looking at a cheap Tamworth house for sale, you can purchase somewhere for less than £100,000.

That’s one of the things that hasn’t changed about Tamworth. Here are a few things that have...

Housing Prices Have Increased by 21%

Overall, prices have gone up by 21% since 2008.

This is actually lower than the national average. Housing prices in England as a whole have gone up by 28% - although a lot of that is down to London.

So the figure is actually quite low.

Obviously the price depends on the type of property it is. The average cost of a detached house, for example, costs approximately £284,957.

That’s a 24% increase on April 2008.

The key takeaway is that housing prices have increased, but not by much compared to others parts of England.

First Time Buyers Are Spending 29% More on a Property

Since January 2012 (as far back as the data goes), the average cost a first time buyer spends on a house has gone up by 29%.

This is slightly more than former owner-occupiers, who spend an average of 28% more.

Across the UK first time buyers are finding it harder to get onto the property ladder, and it’s no different in Tamworth.

That being said, it could be worse. There are places that have completely priced most potential first time buyers out of the market.

Yes, London. But also others.

Mortgage Purchases Have Gone Up, Cash Purchases Haven’t

Again, looking at data from January 2012, we can see there were 19 cash purchases of properties.

In April 2018, that figure was eight.

It has been up and down a lot in that time. Particularly in January 2016, when there were 50 cash purchases.

But eight is the joint lowest it has ever been.

On the other hand, mortgage purchases have increased from 31 to 46.

Again, January 2016 saw a spike - up to 114. It has never fallen below the 31 number that occurred when data first started being collected.

There Are Fewer New Builds on the Market

New build properties were quite popular back in 2008.

The number of new builds being sold was typically in double figures every month, and as high as 20 in June 2008.

However, that number has been higher than ten just twice since April 2017. Both times 11 new builds were sold.

There have been a couple of outstanding months in between then. For example, the best performing month was March 2017, when 23 were sold.

But this proved to be the exception, rather than the rule. A month later, just six were sold. Followed by four in June.

If you’re looking at houses for sale in Tamworth, or you’re looking to sell yourself, then get in touch with Hunters today.