Birmingham house sellers get up to £30k more than asking price as property market booms

The property market boom over the past two years has resulted in many Birmingham home sellers enjoying a cash bonanza, according to new research.

Estate agent Purplebricks has found that 59 per cent of sellers across the city got more than the asking price and that 31 per cent managed to secure between £15,000 and £30,000 more than their home was on the market for.

The research, which looked at the motivations of UK adults who have sold their home in the last two years, found 45 per cent of Birmingham property sellers were looking for a more peaceful way of life – a lifestyle change made possible by a combination of rising asking prices and high demand from prospective buyers.

Read more:How affordable Birmingham homes are – and how it compares to other cities

Just over one third (34 per cent) said they wanted to change their lifestyle while 38 per cent wanted a completely different type of home.

Birmingham house buyers have also been quick off the mark when it comes to securing their dream property: 27 per cent of sellers received an offer within just one week of putting their home on the market and 45 per cent accepted an offer on their home within just two weeks.

Dan Firth, Purplebricks divisional sales director in Birmingham, said: “The events of the past 18 months have made many of us consider a change of lifestyle.

“This is one of the factors that has contributed to the highly dynamic, fast-paced property market we have seen in recent months. Our research shows that the confidence we can see among those selling their properties is entirely justified, with highly motivated buyers keen to move quickly with many looking to achieve a more peaceful lifestyle.

“Now is the perfect time for sellers to make their dreams a reality when it comes to purchasing their ideal home.”

Its research also showed that just over a quarter of sellers in the city moved to the countryside or seaside, while 23 per cent relocated to a suburban area. Of those selling their homes, 45 per cent moved 50 miles or less.

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Driven by the changes in working habits due to the pandemic, just over a third bought a new home with more space and square footage, 22 per cent made sure their new home had a home office, while 19 per cent looked for a home with two home offices.

Outdoor space was another important factor for sellers: 56 per cent wanted a bigger garden, while 30 per cent looked for an allotment or somewhere they could grow vegetables.

Detached homes were the most sought after property type, with a quarter of sellers choosing to move into detached houses, while 22 per cent moved to a terraced house.

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