For many, prices have only just begun to recover from the falls of 2007-2008 and some areas have actually experienced slight dips recently, due to tighter lending criteria.<\/p>\n
\u201cThe regional residential property market has been slow to follow the lead from London and the Home Counties,\u201d says Stuart Flint, of Fisher German.<\/p>\n
\u201cBut in the past three months the transformation in the market has been fairly dramatic. There has been a 23 per cent year-on-year increase in market appraisals and a 38 per cent rise in viewing rates per property.\u201d<\/p>\n
Viewing inflation is not the same as price inflation which is harder to predict. Mr Flint says the likely annual increase for the Midlands was between five and seven per cent but this only applied to property in the \u00a3500,000 to \u00a31million bracket.<\/p>\n
The well-reported Generation Rent effect is also boosting the property market by bringing many more investors with better quality houses being bought to let.<\/p>\n
\u201cMore landlords investing will always bolster the market. There are pockets across the country where we have had multiple potential buyers for many properties, and more offers coming in. These are generally vibrant locations, traditionally popular, with easy transport links into the major towns and cities,\u201d says Darren Harley of the online agency EweMove.Com.<\/p>\n
The chronic undersupply of housing means that even if the bank acts to dampen the market, it will probably continue to perform well.<\/p>\n
Jones Lang LaSalle estimates that more than 43,000 new homes must be built in northern England every year to keep pace with demand. Just half this level is currently being completed.<\/p>\n
\u201cThe highest number of additional homes needed is in Yorkshire and the Humber, with JLL forecasting that 18,000 new homes are required every year, shortly followed by the North West with 17,500,\u201d says Guy Ackernley, head of residential in Leeds.<\/p>\n
However Richard Greener estate agents, which operate in Northamptonshire, sound a note of warning.<\/p>\n
Richard Greener says: \u201cAs an adviser to The Bank of England on the Help To Buy scheme I think this is a catastrophe waiting to happen and the fears are well founded that there might be another housing bubble in a few years. It\u2019s all right at the moment but it\u2019s like giving people free money, which is fine until interest rates go up in the next few years and then people can\u2019t repay mortgages.\u201d<\/p>\n
BATH
\nThe housing market in Bath has never been in serious trouble thanks to its status as a World Heritage Site.<\/p>\n
Its housing market has outperformed most other regional cities thanks to accessibility and a multitude of attractions from the Roman Baths to Georgian architecture, theatres, museums and universities.<\/p>\n
It is one of the regional centres where London estate agents have a strong presence.<\/p>\n
\u201cIn Bath we are seeing the traditional flow of buyers coming out of London to find a property at decent value in a good location in a prime rural city. Bath, with its Regency culture and architectural beauty makes a popular choice,\u201d says Charlie Smith, managing partner at London Real Estate Advisors.<\/p>\n
On the market: Grade II listed Rivers Street Mews, dating from 1789, has been converted by Ash Mill Developments from a stable yard with coachman\u2019s cottage and coach house, into six new properties priced from \u00a3625,000. Details from London Real Estate Advisors on 0203 327 2750 or visit londonrea.com<\/p>\n
YORKSHIRE
\nYorkshire made it into Lonely Planet\u2019s top three places to live last month, beating the likes of Mallorca.
\nGrowth in property values in both town centres and the countryside refl ects the popularity of the UK\u2019s largest county.<\/p>\n
More properties are valued above \u00a3300,000 for the fi rst time since 2007.<\/p>\n
\u201cWe are seeing more developments and investment within the county, especially to accommodate the competitive Help-to-Buy market. In property hotspots like The Stray, houses and flats are far outperforming all of Yorkshire,\u201d says Toby Millbank of Strutt & Parker.<\/p>\n
On the market: Three-bedroom apartment in Stray Lodge, a Victorian mansion overlooking the Stray, near Harrogate town centre. Guide Price \u00a3650,000.<\/p>\n
The Old Chapel at Glasshouses, Harrogate overlooking the village green offers five bedrooms and three receptions for \u00a3525,000. Details for both: Strutt & Parker (01423 561 274\/struttand parker.com)<\/p>\n
Property, house, homes, housing, London, regional property, Bath, Yorkshire, Birmingham, Essex, WalesElegant Edwardian house in Birmingham for sale at \u00a3575,000 [PH]<\/p>\n
BIRMINGHAM
\nDemand in Birmingham is growing. Prices have risen by 3.5 per cent and sale times have dropped.<\/p>\n
International buyers are also moving in to the area, seeing it as an alternative to overpriced London, with many top-class educational establishments.<\/p>\n
The Chinese in particular are expected to be attracted by planned developments and regeneration in the city centre and new direct flights thanks to a \u00a340million runway extension.<\/p>\n
\u201cBirmingham airport will be the UK\u2019s first airport to offer UK direct charter flights to and from China. These will prove popular for Chinese students as well as buyers,\u201d says Will Marshall-Murray, director of Fine & Country.<\/p>\n
Plans for HS2, which will provide a high-speed rail connection between Birmingham and London are being closely monitored. If completed in 2026 as planned, it will cut the journey time to London to 49 minutes.<\/p>\n
On the market: Five-bedroom detached Edwardian house in Edgbaston priced at \u00a3575,000 is for sale with Fine & Country (0121 746 6400\/Solihull.fineandcountry.co.uk)<\/p>\n
LEICESTERSHIRE
\nThe property market in Leicestershire is far more active than last year, with fewer viewings and more completions thanks to the strength of the London market.<\/p>\n
Commuters account for the major slice of buyers, with towns such as Market Harborough, Kettering and Rugby all offering homes within an hour of London stations.<\/p>\n
A shortage of stock means almost all sellers are achieving their asking prices, and indeed the past two months has seen the resurgence of gazumping.<\/p>\n
On the market: Built in 1900 the Water Tower in Lutterworth has been modernised and offers four bedrooms. The guide price is \u00a3549,950 with Strutt & Parker Market Harborough (01858 433 123\/struttandparker.com)<\/p>\n
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