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In Erdington, terraced houses account for 40% of property sales. Is that good?

19/01/2015

Erdington attracts all sorts of property hunters, whether seeking a home or properties for investment purposes. Fortunately, just about every accommodation preference can be catered for, from desirable detached houses, popular Victorian style terraced houses and houses purposely converted into multiple flats or individual bedsits and rooms.

 

However, with newspapers and the media giving mixed messages on what is exactly happening in the area, let us take a look at what has happened over the last 12 months, in particular, what type of property is actually selling.

 

Between December 2013 and December 2014, 760 properties were sold in Erdington. The best performing type of property was the terraced house. 299 terraced houses were sold in the last year, with an average sale price of £111,500 - representing 40.2% of the property sold in Erdington. When you consider that 38% of Erdington’s property is terraced, this means they have done reasonably well).

 

In very close second are flats. They represented 17.2% of the sales - as flats make up 16.7% of the property in Erdington, this is good news for all flat owners.

 

Semi-detached houses represented 35.1% of the sales - as these houses make up 37.6% of the property in Erdington, this is good news for all semi-detached house owners.

 

It appears that the Detached houses seem to have performed the worst. Of the 11,991 Detached houses in Erdington, only 55 changed hands in the last year. However, as only 7.7% of properties in Erdington are Detached, they still represented a healthy 7.24% of the sales.

 

What does this mean for the property owners of Erdington? It means that there is a fairly balanced property market in Erdington. Bearing in mind, due to the strong rental market in Erdington, many of the properties sold may have been purchased by landlords to rent out to tenants, so they have no need/want to trade up on the property ladder – hence why the sales of detached houses are a significantly lower percentage compared to the others.

 

However, in general, the Erdington property market is in full swing and ‘negative equity’ is becoming a distant memory. We are now seeing some good sales and if you look hard enough, you may stumble upon a "hidden property gem" in the most unlikely of places!

 

 



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