Demand for new build properties amongst First Time Buyers has risen by a massive 41% in Birmingham so far this year vs the same period in 2023, according to the latest data from leading new-home property website, newhomesforsale.co.uk.
The website, which lists 16 new build sites located in and around Birmingham city centre, has also found entry prices for new builds are over £95,000 less in the city compared to the national property average of £284,950 [as of November 2023], with prices starting from £190,000.
This not only positions Birmingham as a more affordable location within the Midlands, but also showcases a clear and growing demand for First Time Buyers to get onto the property ladder in the area, despite the rise seen in mortgage rates over the last 12 months.
Interestingly, enquiries for new build properties overall in Birmingham have increased 42% in January 2024 vs January 2023, positioning the city as one of the UK's top 10 locations for both new home and First-Time Buyers.
Discussing this latest data, Vernon Pethard, Founder and Director of newhomesforsale.co.uk, said: "In working with housebuilders and estate agents in all regions of the UK, it's clear to see which areas are seeing the most search demand – with Birmingham now in a clear top 10 position.
I think the mass regeneration that has taken place throughout the City, its excellent travel links and more affordable entry price point puts Birmingham in a strong and attractive position for prospective buyers and particularly those working hard to jump onto the property ladder for the very first time.
Overall, although 2023 was a difficult year for the property market, search volume and demand still remained high, so with mortgage rates starting to fall I think 2024 will prove much more positive – with Birmingham set to come out as one of the UK's leading locations."
Established in 1998, New Homes for Sale features over 2,400 developments from national house builders, housing associations and estate agents from across the UK and has established an unrivalled position within the new build sector.
For more information, visit: https://www.newhomesforsale.co.uk/new-homes/west-midlands/birmingham/