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Property experts have predicted that the West Midlands housing market will see a growth of 24% in the years to 2025. The market proved exceptionally strong and resilient during 2020, and price growth is currently stronger than at any point since the summer of 2016.
Over the last year, Cannock Chase, Telford and Wrekin, and Shropshire all saw house prices rise by 7.5% and above, while Stafford and Wolverhampton also enjoyed impressive rises of 6.0%-7.4%. That's why buyers looking to increase their property investments in the UK turn their attention to the West Midlands.
What are the prospects for future growth?
The UK is expected to enjoy an economic bounceback once lockdown restrictions are fully lifted. However, there is likely to be a negative effect on employment when the furlough scheme ends in September. Despite this challenge, the outlook for West Midlands property remains positive. Fortunately, we are currently enjoying historically low mortgage interest rates, in addition to the government’s pledge to support the property sector as pandemic restrictions are gradually lifted.
How can investors benefit from government help?
The Stamp Duty Holiday has now been extended until September 2021. An extension means investors will pay just 3% tax on property worth up to £250,000. Another boon for West Midlands investors is the government's new Mortgage Guarantee Scheme. The scheme, which is about to launch in April, allows any buyer to purchase a property valued up to £600,000 with a deposit of just 5%.
The West Midlands area is also set to benefit from a number of major infrastructure improvements. Projects such as the HS2 high-speed rail link, new business parks and green energy projects are planned. These will be delivered as part of the government's levelling-up policy, designed to direct more money and resources towards the Midlands and the North.
Is a spring property boom on the way?
Following the tax concessions and mortgage support initiatives announced in the budget, we already see an uptick in the number of enquiries from buyers. Investors keen to build a property portfolio are advised to move quickly to secure the best properties.
With decades of experience in the area, DB Roberts is now a market leader in West Midlands property. Call our sales team today, and they will be happy to show you a range of fantastic properties that would be ideal for a buy-to-let investment.