A buyer beware warning has been issued by one of the biggest real estate agents in the state as demand for new homes continues to soar.
Sales at BK Real Estate in Birmingham rose 0.2% in the first six months of the year to $5.5bn, while sales at Birmingham Property Group fell 0.6% to $6.4bn.
The company’s chief executive, John Clements, said that demand for housing was continuing to grow and it was important to stay ahead of demand.
“As the supply of housing increases, there will be more demand for homes and demand for property will increase.
As we have seen with housing across the country over the past two years, when housing starts and prices are rising we see the housing market respond with more home sales and demand rises,” Mr Clements said.
“That is the way markets work.
We have seen a significant increase in the number of homes sold in the past couple of years and this is the best year we have had in years.
“This year is going to be another year where the supply is going up, demand is going down and we are going to see some great property prices come to market.”
We have seen an overall increase in sales for the past 12 months, but we have also seen some price increases in some of the markets we are working in.”
If you look at the top four markets we work in, the average price increase this year has been $1,000 a square foot, which is not something we are used to seeing in the market.
“The average price for homes sold is increasing at a much quicker pace than the median price increase.
We are seeing prices go up for a lot of the properties we work with and there is more demand.”
A number of local property agencies in the Midlands and South have reported a fall in sales and an increase in vacancies.
Aberdeen, West Midlands, Birmingham and Manchester were the only cities to report sales declines.
Mr Clements warned that the state of the housing industry was concerning for buyers and sellers.
“[Home buyers] have to make sure they are in a position to buy when they can afford it,” he said.
“It is not the most desirable position to be in.
It is a very competitive market and if you have a mortgage you need to have a plan.””
You have to be very cautious.
It is a very competitive market and if you have a mortgage you need to have a plan.”
When we started in the sector we were only able to offer two properties.
Now, we are offering three properties.”
For the latest on the Birmingham housing market, read the full story on The Sunday Times.
More from the Sunday Times: The Birmingham City Council said the number one concern for tenants in the city centre was overcrowding, and the council has set up a new team of six to deal with the problem.
The council has launched a new mobile shelter, to deal specifically with overcrowding and the housing crisis.
The council said the new shelter, designed to help residents who live in overcrowded buildings, has been designed to provide a safe place to stay while helping those who do not.
Birmingham is also hosting a new housing summit for a number of organisations and local government representatives on Tuesday to discuss the housing shortage.