Midland property investors are defying Brexit pessimism and benefitting from the region experiencing the fastest rising house prices in the UK, an expert at Bond Wolfe Auctions claims.
Gurpreet Bassi, chief executive of Bond Wolfe Auctions, was speaking after new figures from property website Zoopla revealed Birmingham, Leicester and Nottingham were the country’s first, joint second and joint fourth highest regions respectively for price rises since the June 2016 referendum to leave the EU.
Mr Bassi said: “Despite all the Brexit doom and gloom, we are seeing switched-on Midland property investors who buy bargains at auctions, and then refurbish and sell them back into the market, enjoying a sharp rise in their fortunes.”
The Zoopla survey found that house prices have grown fastest in Birmingham (up 16 per cent), Manchester and Leicester (both up 15 per cent) and Nottingham and Edinburgh (both up 14 per cent), mainly because economic and political uncertainty caused by the Brexit vote was more acutely felt in southern English cities.
“These findings come on top of ongoing trends that have been developing in recent years and highlight just how beneficial it is buy homes in the Midlands today.
“The fastest and most efficient way to do this is by auction and we have a regular supply of competitively priced homes that can be bought at the fall of the hammer.
“This is particularly beneficial for investors looking to refurbish for profit, as they not only add value to properties they have bought at a bargain but they then capture a second bonus because Midland house prices are outstripping the market.
“This bonus can also be enjoyed by landlords seeking to increase their buy-to-let portfolios and by first-time buyers, as they could quickly find themselves sitting on a very healthy profit driven by the Midlands’ surging ahead as the fastest growing region for house prices,” said Mr Bassi.
He added: “In short, it’s time for property investors to fill their boots while house prices in the Midlands are rising so healthily, and there’s no better place to do this than in our auctions.”
Bond Wolfe Auctions, which has its headquarters on Colmore Row, Birmingham, with further offices in West Bromwich and Wolverhampton, was launched in January by Bond Wolfe, one of the region’s leading property consultants. The team behind the new business is led by Mr Bassi and managing director Ian Tudor, until recently the heads of residential and commercial auctions at the Bigwood auctions business.
The company’s first auction on March 13 at Villa Park is one of six that Bond Wolfe Auctions is lining up for 2019.
Source: Express and Star