A Helpful Guide To the Wolverhampton Property Market
A Helpful Guide To the Wolverhampton Property Market
01 Sep , 2023
Everything You Need to Know about the Wolverhampton Property Market
Wolverhampton, a vibrant city located in the heart of the West Midlands, is a great place to buy or invest in property. In this article, we will explore the current state of the Wolverhampton property market, what kind of properties are prevalent in the area, the sales and buy-to-let markets, areas experiencing increases in prices and development, and typical growth in house prices over the last 30 years.
Property Types in Wolverhampton
Wolverhampton offers a diverse range of properties to suit every taste and budget. The city has a mix of Victorian, Edwardian, and modern architecture, with many residential areas featuring period homes and new builds. From one-bedroom apartments to large family homes, Wolverhampton has something for everyone.
Sales Market
The Wolverhampton sales market is currently thriving, with properties being snapped up quickly. According to Zoopla, the average property price in Wolverhampton is £212,371, with the average time on the market being 55 days. The city’s central location and excellent transport links to Birmingham and other major cities make it an attractive location for those looking for a home.
Buy-to-Let Market
Wolverhampton is a popular location for buy-to-let investors, with rental yields averaging around 5.5%. The city has a large student population, which makes it an ideal location for student accommodation. The rental market is currently strong, with high demand for properties in certain areas.
Areas Seeing Increases in Prices
Wolverhampton has seen price increases in many areas over the last few years, particularly in the city centre and the surrounding suburbs. The WV1 postcode, which covers the city centre, has seen prices rise by 12% over the last year, while the WV6 postcode, which covers the popular Tettenhall area, has seen prices increase by 9%.
Development and House Building
Wolverhampton is experiencing significant development and new house building, with several large-scale projects underway. The i54 business park, located on the outskirts of the city, is a major employment hub and home to several large businesses, including Jaguar Land Rover. The city is also home to the £150 million Westside development, which will bring new shops, restaurants, and leisure facilities to the city centre.
Typical Growth in House Prices
Over the last 30 years, Wolverhampton has seen steady growth in house prices. According to data from the Land Registry, the average house price in Wolverhampton was £37,738 in 1991. By 2021, this had risen to £212,371, representing an increase of over 460%.
Conclusion
Wolverhampton is a city on the rise, with a strong property market and plenty of investment opportunities. Whether you’re looking to buy a family home, invest in buy-to-let, or take advantage of the city’s development and regeneration projects, Wolverhampton is an excellent location to consider. As property solicitors, we can help guide you through the buying or selling process and ensure a smooth transaction. Get in touch today to see how we can help.
Here are some helpful resource links for further reading on the Wolverhampton property market
Rightmove – Wolverhampton Property Market Trends: https://www.rightmove.co.uk/house-prices-in-Wolverhampton.html
Wolverhampton City Council – Major Development Projects: https://www.wolverhampton.gov.uk/news/new-housing-development-framework-will-deliver-council-homes
