JOHN SHEPHERD PARENT COMPANY LOMOND LAUNCHES NEW MARKET-TRACKING RESEARCH TO HIGHLIGHT TRENDS ACROSS BIRMINGHAM AND WEST MIDLANDS PROPERTY SECTOR.
THE gap between low supply and high demand in the rental market across Birmingham and the West Midlands continues to grow, according to new research by Lomond – the UK’s fastest-growing network of sales and letting agencies in the UK.
The national group has broken new ground by launching its own market-tracking research to offer an insight into the strength of the sales and letting market across the region. It’s driven by data rarely seen in the public spotlight.
It hopes the intelligence it harvests from its High Street brands will become the ultimate guide into latest trends, and establish itself as the go-to resource for property investors.
Across the UK, Lomond currently manages more than 40,000 rental properties under its management and delivers over £100m of sales each month.
Key findings uncovered by its new research spanning Birmingham and the West Midlands include:
- Nearly one-in-two people renting in the city are aged under 30 with apartment living dominating this market
- Over 50% homes let in Birmingham’s surrounding areas are 2 and 3+ bed houses, which have experienced strong annual rental increases of 8% and 7% respectively
- Supported by significant inward economic investment and a growing proportion of young professionals, the Birmingham build-to-rent pipeline is taking off, reportedly the highest of all cities outside of London
- Rising demand continues to outstrip supply in the rental market. While stock levels across much of the region are improving, the availability of properties remains tight as people turn to renting in ever-increasing numbers. The research reveals there is now 14.5 applicants per new instruction per branch
- It’s a different story in the sales market, where the number of new instructions has increased to an average of 24 per branch
Commenting on the launch of Lomond’s inaugural Quarterly Insight, Richard Crathorne, CEO of John Shepherd, one of Lomond’s principal brands in Birmingham and the West Midlands, said: “For the first time, it provides a unique window into current market trends in a region that is home to one of the youngest and fastest-growing cities in the UK, and is a major magnet for international investors.
“The richness of Lomond’s home-grown data includes applicant and viewing numbers, instructions and exchanges across all our network of branches – metrics that are not often quoted in the media, especially at a local level.
“Over the months and years ahead, it will provide a series of data points monitoring what is happening in the regional marketplace, enabling us to best advise clients in real time.”
He added: “Just 51% of those working in Birmingham live there. A high proportion choose to live in prosperous surrounding areas such as Sandwell, Sutton Coldfield and Lichfield, noted for their excellent work-life balance, access to green space and property types to suit everyone.
“Real estate and retail growth in these areas are driving local economies; Lichfield is predicted to become the UK’s joint fourth fastest-growing economy between 2024 and 2026, as well as being in the top ten UK locations for jobs growth.”
Lomond enlisted leading independent data analysts Dataloft, whose client list includes BBC News, to develop its research approach. A copy of the full report is available to view here from Lomond’s website.
Lomond Quarterly Insight Spring 2023 | Lomond