Bellway sees high confidence in West Midlands housing market
Confidence in the West Midlands housing market is riding high in the wake of the recent general election, according to housebuilder Bellway. The firm experienced a buoyant pre-election trading period, with prices steadily rising and transaction levels growing.
Stephen Rose, sales and marketing director for Bellway West Midlands, says: “There is an inevitable degree of tension when an election is looming as we wait to see how the market will be affected. We were prepared for some pre-election jitters but they never materialised. If anything, we found people were more ready to commit than they had been towards the end of 2014.
“Consumer confidence is returning to levels last seen before the recession and house prices in the West Midlands have recovered almost entirely. Two years ago we were working to assist people in negative equity but that has become an increasingly rare scenario. Help to Buy has had an immense impact on confidence in the housing market so its extension until 2020 can only improve this.”
House prices across the country rose by 1% from March to April, according to Nationwide. The annual rise was 5.2%. Nationwide’s regional figures for the first quarter of 2015 showed the average West Midlands property was priced at £161,989, up 4.7% from the same period in 2014.
Rose adds: “Prices in the West Midlands took longer to recover than in other regions but throughout 2014 prices rose steadily. This more organic growth has created stability and house-hunters are reassured by this. This steady growth looks set to continue and may accelerate to some degree now that the political future is clearer.”
Show home draws visitors to new Coventry scheme
Bellway has unveiled a show home at Stonebridge, its latest development in Coventry.
The four-bedroom ‘Lowesby’ has been professionally decorated by interiors specialists to provide house-hunters with an inspring example of what life could be like in a new home at the scheme, in Wilsons Lane. The development will provide 48 three- and four-bedroom homes, with six of them offered to first-time buyers at 75% of market value.
Sales director Ben Smith remarks: “We have had some fantastic feedback on the show home since it opened earlier this month. The ‘Lowesby’ is a traditional two-storey family home which is perfect for expanding families. This seems to be what people in this area are looking for.
“There is a need for more family homes in Coventry. With such a buoyant market, Help to Buy is playing a crucial role in helping people to fund their first or next move.”
With Help to Buy you can purchase a new home with a 5% deposit and a 75% mortgage. The remaining 20% is provided as a government-backed equity loan which is interest-free for five years.
Three-bedroom homes at Stonebridge are currently available from £126,995. Four-bedroom homes start at £229,995 and the ‘Lowesby’ is available from £269,995. The sales centre and show home are open from Thursday to Monday, between 10.30am and 5.00pm (7.30pm on Thursdays).
Find out more at www.bellway.co.uk ; 024 7636 2578