The busiest first half of a year ever recorded by Rightmove pushes the average price of property coming to market to a new record high for the fourth consecutive month, and £21,389 higher (+6.7%) in just six months. The new all-time high of £338,447 is due to a monthly rise of 0.7% (+£2,374). This is the largest monthly rise at this time of year since July 2007. Rightmove analysis has identified a shortfall of 225,000 homes for sale which, if available, would have helped to maintain a more normal level of property stock for sale and would have helped stabilise prices. This stark shortfall, along with frenzied buyer activity, is fuelling record high prices and leading to record lows in available stock for sale. With high activity levels continuing despite the June stamp duty deadline now passing, there is an urgent need for these low stocks of property for sale to be rebuilt in order for price stability to return.

Gema Rodríguez of Asif Kola Realty, said: “The Birmingham property market continues to be very active over the first six months of 2021 with buyers continuing to purchase the limited housing stock available. The number of sellers coming to market has slowed as the year has progressed, which means we’ve seen the level of new listings coming to the market significantly decrease year on year, whilst in turn total available stock levels across the market is at the lowest we have seen in a number of years. While the number of new listings has dropped, our results remained strong with our clients accepting offers of the asking price or over on all of our recent sales. Birmingham has also seen an increase of applicants registered coming from Greater London’

If you are considering selling your home, I would encourage you to get in contact with us as we hold a large network of buyers who are actively looking to purchase. We are also able to assist you with your forward purchase too.