In five years, the Solihull property market could look very different to the way it does now.
The thing is - we don’t know how different.
Uncertainty surrounding Brexit is likely going to impact every part of the UK, but until some sort of deal is agreed (or not), what that looks like is unclear.
And it isn’t just about Brexit. The state of any property market is affected by lots of different things.
Here we’re going to take a look at Solihull. How are housing prices going to change over the next few years - and what is influencing them?
How Housing Prices Have Changed Recently
Before looking forward, we’ve got to look back.
Analysing trends over recent years is one of the best ways to make predictions about the future.
Looking at the Land Registry App, we can see that housing prices in Solihull have increased by 6.8 percent over the last year, and 13.2 percent over the last two years.
When looking at the last five years, that figure stands at 42.2 percent.
At the moment, the average cost of a property in Solihull is around £283,415. Which is quite a bit higher than nearby Birmingham’s £181,662.
So, what will prices look like in the future? If we assume the current rate of growth continues, prices will surpass the £300k mark by June 2019.
New HS2 Interchange Station in Solihull
Excellent transport links always tend to drive up housing prices.
Especially if those links go to a big city. Like London.
The new HS2 rail line aims to make journeys between the capital and England’s northern cities much quicker, passing through Birmingham on the way.
And a brand new interchange station will be built in Solihull. Local residents will be able to get to London in just 38 minutes.
Properties in Solihull will be in demand. The idea of living here and working in London, with a reasonably short commute, is appealing to many.
Current Solihull residents will be pleased to see the value of their property surge when this happens.
New Homes Are Being Built
In order to keep up with a growing demand for housing, new-build homes are being developed all the time.
Earlier this month, planning permission was granted for a major development in the area of Shirley.
125 new homes are expected to be built, which includes 70 apartments and 55 houses - each boasting between one and four bedrooms.
This is only one step in the development process - no expected completion date has been announced as of yet.
The price of one of these new-builds is also unclear, so it’s difficult to foresee the impact it would have on the housing market.
But generally, if more places to live are being built, it can help keep prices from inflating too much.
If you’re interested in the Solihull property market - whether that means becoming a buy-to-let investor, or you’re looking for somewhere to live, Hunters can help.
Our local branch has extensive experience in the area. Get in touch with them today for expert advice.