It is a trend that may only be short-lived, but could offer keen buyers a bit of breathing space to find their ideal property now, while there is a little bit less competition.
The latest Residential Market Survey from RICS showed that 56% of chartered surveyors across the UK have reported a drop in new buyer enquiries. In the West Midlands, surveyors experienced a particularly sharp decline in new instructions, with 68% reporting a decrease in properties coming onto the market.
This dip is believed to be short-term, and experts are blaming it jointly on two things: firstly, a slow-down following the rush to buy before the Stamp Duty Levy Tax change on the purchase of investment properties; and secondly, the uncertainty surrounding the pending EU Referendum.
This shift could, however, give keen prospective buyers the breathing space they need to look around and secure their ideal home – before the market picks up again.
We have put together a selection of new developments across the West Midlands with options to suit a wide range of buyers...
Honeysuckle Grange in Shifnal, Shropshire (Barratt Homes)
Set in the market town of Shifnal, which is conveniently located between Wolverhampton and Telford, Honeysuckle Grange will be made up of a total of 126 new homes including modern three- and four-bedroom properties. The development is situated close to local schools, shops, pubs and handy motorway links, and Telford is only three miles away by car. Both Wolverhampton and Birmingham are also within easy striking distance, as is the M54 motorway and the mainline station, which is on the Shrewsbury to Wolverhampton line.
For those with families, Shifnal is home to several pre-school nursery and day centres, as well as two primary schools. There are also two further schools: Idsall School, in Coppice Green, a comprehensive secondary school; and Young Options College, in Lamledge Lane, an independent specialist secondary school.
Prices: From £179,950 to £334,950.
Find out more about Honeysuckle Grange from Barratt Homes
Middlefield Spring in Knowle, near Solihull (Taylor Wimpey)
Opening in a few months' time, Middlefield Spring will offer two-, three- and four-bedroom homes on the leafy fringes of the sought-after village of Knowle, a great location for commuters and families alike. Incorporating detached, semi-detached, terraced and apartment options, this development offers homes that will appeal to a wide variety of buyers.
Knowle's attractive high street is home to independent shops, restaurants, pubs, bars and coffee shops as well as a high-quality butcher and a delicatessen. The larger town of Solihull is less than four miles down the road, offering a wider choice of shopping, entertainment and leisure opportunities, while Warwickshire's countryside is right on the doorstep. Middlefield Spring is also close to several well-respected local primary schools and secondary schools, including Dorridge Primary, which was rated 'outstanding' by Ofsted.
Dorridge station, less than a mile away, has regular direct services into Birmingham Moor Street and Snow Hill in about 20-25 minutes, and services to London Marylebone in about an hour and 40 minutes. Road links are also good, thanks to the close proximity of the M42, the M40 and the A34, while the NEC and the airport are both seven miles away.
Prices: To be confirmed.
View more properties from Taylor Wimpey
Baggeridge Village, Sedgley, Dudley (David Wilson Homes)
Situated in the desirable South Staffordshire village of Gospel End, Sedgley, this development incorporates two-, three-, four- and five-bedroom homes in various styles. Prospective buyers have a choice of terraced, semi-detached and detached designs, and already more than 50% of homes have been sold.
Nestled alongside Baggeridge Country Park, and benefiting from lovely views, the development is in a handy spot - just four miles from Wolverhampton and Dudley, and with great motorway access to the M5 and M54.
Prices: From £210,000 to £460,000.
View more about Baggeridge Village from David Wilson Homes
The Paddocks in Ansley, Warwickshire (Damson Homes)
This small development of eight four-bedroom detached family homes is set in the charming village of Ansley in Warwickshire, and will offer buyers stunning open countryside views to the rear.
Due to be completed in autumn this year, potential buyers can ask to view properties with a similar specification at another location to get an idea of what is on offer. All of the properties at The Paddocks will incorporate Damson's signature award-winning specification. Each will feature an open-plan kitchen with designer units and high end appliances; family areas; an integral garage; and a luxury en suite to the master bedroom.
Ansley has its own shops and bus services, while there is a wider choice of amenities and shops in nearby Nuneaton, Atherstone and Coventry.
Prices: From £355,000 to £365,000.
Find out more at http://damsonhomes.net/
Compton Park in Wolverhampton (Redrow Homes)
The final phase has now been released at this peaceful Redrow development in a quiet yet well-connected area of Wolverhampton. All of the homes are from their Heritage Collection, which combines traditional craftsmanship and classic exteriors with luxurious, contemporary interiors featuring open-plan living areas.
Compton Park is conveniently situated for amenities and transport links, but is also surrounded by a beautiful nature reserve, giving families the potential for a great lifestyle balance. The local area also has a great choice of educational options for all ages, and commuters are only two miles from the centre of Wolverhampton and less than 10 miles from the M6, M5 and M54. Wolverhampton's station also offers direct rail links to London, Manchester and Birmingham, as well as to many other key cities.
Prices: Available homes from £459,995.
Find out more about Compton Park from Redrow Homes
Balaam Wood in Birmingham (Kier Living)
About eight miles south west of Birmingham city centre, Balaam Wood offers a selection of contemporary, energy-efficient two-, three- and four-bedroom homes and one- and two-bedroom apartments. Built by Kier Living in association with Birmingham Municipal Housing Trust, the development promises high quality design and construction in an ideal location for those seeking starter or larger family homes.
Several primary and secondary schools lie within walking distance of the development, which is also close to the A38 Bristol Road, and just a short drive or bus ride from all that Birmingham city centre has to offer. Northfield train station is only a mile and a half away, offering regular services into Birmingham New Street station in 18 minutes. And the location is also ideal for commuters who need access to the Midlands' motorway network, thanks to quick links to both the M5 and the M42.
Prices: Awaiting release.
Find out more about Kier Living