Housing Shortages in Birmingham

Buying a new home whether it’s your first or not should be a very exciting prospect. However, in the West Midlands and in particular Birmingham it seems that this prospect is becoming seemingly impossible for many as housing associations warn that the area is suffering a severe housing shortage.

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    • A report carried out by the National Housing Federation shows that in the West Midlands half as many new homes are being built ever year than is actually needed. As the number of households in the region increases by 18,000 every year only 8,250 new homes are being built. And to make matters even worse the rare houses that are available for purchase are way out of the ordinary West Midlands residents’ price range. With an average asking price of around £178,000 this is nine times the average salary of those living in the area.

    So based on the assumption that many buyers are now needing to put down a mortgage of 25 per cent this means that people looking to buy a home in the area are looking at a deposit of around £45,000 a completely unreasonable and unrealistic sum of money for many people, I think you’ll agree.

    Despite the recession and the consequent lending restrictions, the property market has failed to adjust accordingly and cater to the lower resources of the public.

    Therefore, if you’re thinking of delving into real estate in the West Midlands and in particular Birmingham then no doubt you’ll already be pushed to your spending limits on the deposit alone. This is why you need to cut costs wherever you can and one area you can do this is on your conveyancing fees.

    High Street conveyancing prices can be extortionate which is why it makes perfect sense to opt for Online Conveyancing. Choosing to let Online Conveyancing handle your property case makes perfect financial sense in today’s property market. We cut out the middle man significantly reducing your fees and much of the time wasting element of endless lawyer and solicitor meetings. We will deal with your case securely and efficiently so that you can enjoy one of the most competitive rates around and a much quicker and hassle free completion when it comes to all of the legal requirements. After all you’ve got enough to worry about in today’s property market, so don’t let your conveyancing be one of them.