House sales in the West Midlands have reached a four year high as more people are looking for a new home. However, the bad news for buyers is that the increase in demand is also pushing up house prices.
The cost of renting in the Midlands has never been higher, according to a new report.
The latest Buy-to-Let Index from LSL Property Services plc shows that across the country, average rents rose by 1.8 per cent between August and September, up to £757.
This leaves the average rent 2.1 per cent higher than this time last year.
The West Midlands saw the third highest increase in rental prices in the country, going up by 2.6 per cent between August and September.
The West Midlands are experiencing their highest level of house buyers since figures were first collected by the Office for National Statistics (ONS), in 1999.
The Royal Institution of Chartered Surveyors (Rics) have said more first-time buyers have been entering the market and sellers appear to be more confident about sticking close to their asking prices.
Alongside improved buyer confidence, more potential sellers are looking to test the market. Last month saw 15% more surveyors reporting rises, rather than falls, in new instructions.
House prices have risen more in the East Midlands than anywhere else in Britain outside London.
The figures from the Office for National Statistics show that prices have risen by 3.6% in the last year. Properties in the West Midlands had the next highest rise at 2.4%
The average price paid by first time buyers for a house is now £179,000.
House prices in the Midlands are down compared to March last year, despite a rise nationally.
Figures show that prices in the East Midlands have fallen by almost one percent – while prices for properties in the West Midlands have dropped by almost four percent.
Nationally, house prices have increased by seven per cent.
House prices across the West Midlands look set to increase over the next few months. That's according to the latest housing survey carried out by the Royal Institute of Chartered Surveyors.
Last month, house sales in the region were stable. It's the first time in 2 and a half years that there wasn't a drop.