What’s happening in the Midlands New Homes market?
New homes are a useful barometer by which to judge the success of a local property market. For one, new homes are often produced as part of major regeneration and investment programmes, which suggest that an area is thriving or soon to be thriving.
Secondly, they’re a sign of increased demand as new homes are often built to boost supply in areas that people want to move to in large numbers.
Lastly, a good number of new homes being built is a sign of a healthy, well-functioning property market, helping young first-time buyers onto the ladder and also providing an investment opportunity in some instances for buy-to-let landlords or second steppers.
But what does the new homes market currently look like across the Midlands?
Below, we take a closer look.
New-build boost in Birmingham
New-builds are especially widespread in major cities which need to keep up with rising demand from an expanding population, and this is definitely the case with Birmingham. The UK’s second city has bore witness to a wide range of developments of late, from redevelopments and conversions to schemes started entirely from scratch – often on former brownfield sites or sites that have fallen into disuse. This is the case with a 5.5-acre site in Monmouth Road in the Bartley Green area of the city which has earmarked for new homes by Birmingham Municipal Housing Trust. Formerly occupied by four 12-storey tower blocks, it could be transformed into nearly 70 new properties if the plans are given the go-ahead by Birmingham councillors. Birmingham City Council's planning officers have recommended the scheme for approval, saying: “This proposal would see the re-use of a now vacant parcel of land for housing in a sustainable urban location and with a policy-compliant number of affordable units.” Digbeth is also fast becoming a development hotspot, with the upcoming Smithfield Market redevelopment plan well underway and a multitude of apartment schemes appearing in the area, including The Forge, a development of 140, one & two bedroom luxury apartments in the heart of Digbeth, currently available to purchase through Centrick. Elsewhere, there are plans for a huge new scheme near Tamworth, with plans to build 800 homes on land off Sutton Road in rural Mile Oak, which sites close to Tamworth town centre and Drayton Manor Theme Park. Lichfield District Council’s ‘vision for Fazeley’ in its Local Plan Review unveils a provision for 924 new homes, 124 through existing commitments and 800 as part of a strategic allocation located to the south west of Mile Oak junction. A public consultation on the idea is now underway, although it has faced local opposition. “We are currently consulting on our emerging local plan which, amongst other things, outlines potential development across our district through to 2040,” a spokesperson for Lichfield District Council said. “We understand that some of our proposals may have an impact on neighbouring authorities and will work with them as the local plan is developed and finalised.” The consultation period, which is running from November 29 2019 to January 24 2020, is ‘the community’s opportunity to get involved and let us know what they think about our suggested policies and proposals’ the council said.
Brownfield land earmarked by council for new homes
On the outskirts of Birmingham, meanwhile, it was recently revealed by Solihull Council that they could earmark six acres in the borough for housing developments, under a review of brownfield land available in the borough. Brownfield land, which is land used for previous developments, in particular former industrial sites, is preferred by the government to reach its housebuilding targets and at the same time protect the green belt. The council is currently completing a review of brownfield sites in the borough, and has added 18 sites to its brownfield register. In all, these could provide 643 new homes in Solihull. As it stands, the brownfield register in Solihull includes 82 sites, creating a capacity of between 2,026 and 2,875 properties. Sites already lined up for redevelopment include the National Motorcycle Museum (for 125 houses), Mell Square shopping centre (which could include 200 homes), and the NEC car parks (where up to 600 houses could be built). Land at Silver Trees Farm, near Ye Olde Saracens Head in Balsall Common, and a house on Lugtrout Lane, Knowle, will be added to the list, the council said. But it's not just Brownfield sites that are seeing development in the area. Home Farm Barns, a development of 11 three and four bedroom , luxury barns in the desirable location of Hampton-in-Arden, available form £625,000.