Birmingham property prices boom as demand soars - why sellers are keen to relocate

Homeowners in Birmingham will be delighted to learn that 59% of sellers in the city have sold their property for over the asking price during the past two years - with 31% selling for £15k-30k more.

The figures are from new research from Purplebricks, the leading UK tech-led estate agent which also found that those looking to purchase a property in Birmingham are keen to move quick - with over a quarter of sellers receiving an offer within just one week of putting their home on the market, and almost half accepting an offer on their home within two weeks.

The research looked at the motivations of people in the UK who have sold their home in the last two years.

So, let’s look at the main reasons why residents of Birmingham are eager to move.

A change in lifestyle

Research revealed that 34% of sellers in Birmingham sold their home in order to change their lifestyle and 38% wanted a completely different type of home.

The pandemic in particular has had a big effect on why those in Birmingham have decided to sell up and change their way of living.

Dan Firth, divisional sales director in Birmingham for Purplebricks commented: “The events of the past 18 months have made many of us consider a change of lifestyle. This is one of the factors that has contributed to the highly dynamic, fast-paced property market we have seen in recent months.”

A more peaceful way of life

Forty-five per cent of those selling their home in Birmingham in the past two years did so because they were looking for a more peaceful way of life, a lifestyle change made possible by a combination of high demand from prospective buyers and rising asking prices.

In Birmingham, just over a quarter moved to the countryside or seaside in order to make their life a peaceful reality.

“Our research shows that the confidence we can see among those selling their properties is entirely justified, with highly motivated buyers keen to move quickly with many looking to achieve a more peaceful lifestyle,” said Dan. “Now is the perfect time for sellers to make their dreams a reality when it comes to purchasing their ideal home.”

Despite the increase of those wanting to move to a more peaceful part of the country, however, most did not move far - with only 45% of sellers moving 50 miles or less from their previous home.

More space

Thanks to Covid-19 and the new era of working from home, it is no surprise that many sellers looked to replace their existing homes with bigger, more spacious properties.

A third of sellers purchased a home with more space and square footage with detached homes being the most sought after property type.

Almost a quarter purchased a property with a home office, and 19% looked for a home with two home offices.

More than half of Birmingham sellers also looked for bigger gardens in their new home to enjoy the growing interest in the natural world.

Thirty per cent searched for an allotment or somewhere they could grow vegetables.

Looking to move? Here are some properties on the market right now

Four bedroom, three storey end of terrace property has plenty of space

Five bedroom detached house with a home office

Four bedroom home with a garden and home office

Three bedroom detached house with plenty of space and a garden

Three bedroom terraced house with a lovely garden