00:00Houses on this street sell faster than anywhere else in Birmingham.
00:07Tideswell Road in Greybar tops the list, with homes here selling in just over a month.
00:13That's less than half the average time it takes to sell a property in the city.
00:17But why do buyers move so quickly here?
00:20Is it the location, the type of houses or the price?
00:23And can sellers in other areas do anything to speed up their own sales?
00:27Some properties sit on the market for months, struggling to attract interest, while others
00:32are snapped up almost instantly.
00:34Knowing what drives demand can make all the difference, we're heading to Oldsnam Estate
00:38Agents to find out what makes the difference and whether sellers can take any steps to
00:44make their home stand out in a competitive market.
00:49Price is critical against the size of the property.
00:52Tideswell Road is a very ordinary Birmingham road.
00:55There is nothing spectacular about it, it's actually quite close to the M6, but the price
01:01of the properties against the size they offer to the public are the key considerations there
01:06and price is critical throughout any area that we're selling in.
01:11If a property is overpriced, it will struggle to sell.
01:15While price plays a major role in how quickly a property sells, challenging market conditions
01:20are also influencing buyer behaviour, with house prices stabilising in some areas.
01:25We're seeing a shift in who's active in the market.
01:29First-time buyers are returning, while investor demand is beginning to fade.
01:36First-time buyers are coming back into the market in numbers.
01:40Investors are vanishing following government legislation or proposed legislation on EPCs
01:46and the Rent Act.
01:49The condition of a property is very important.
01:52Building costs are rising all the time at present and the public are more and more looking
01:57at how much it would cost to renovate a property or to improve a property and having a regard
02:03to the cost, I think it's much better to buy a property in a magnetic condition.
02:09Birmingham's property market is always shifting.
02:12Some areas see homes selling weeks, while others sit on the market for months.
02:16With changing mortgage rates and the rising cost of living, people are making more cautious
02:21decisions about when and where to buy.
02:24Some buyers are prioritising affordability, while others are still willing to pay a premium
02:29for the right location.
02:30But what are the key factors influencing these choices?
02:33Are family homes in high demand or is the market still being driven by investors?
02:38And how do new developments and regeneration projects affect local house prices?
02:44Investors are coming out of the market and more and more investors are selling up their
02:49properties and leaving the market.
02:51The main buyers are people who want to live in their homes and condition is their first
02:57consideration after price.
Comments