A window of opportunity for buyers in Birmingham

Buying a new home in Birmingham now could be the smart move with signs that prices are starting to head in an upwards direction.

A recent survey by Nationwide found that house prices rose for the third consecutive month in July, up 1.3% on the previous month, indicating that the window of opportunity to pick up the best buys in popular areas could be closing.

This improving trend has also led the Royal Institution of Chartered Surveyors (RICS) to revise its house price predictions for 2009, with its August update now forecasting that prices at the end of the year will be higher than for the same period last year, as opposed to the 10% drop it had previously predicted.*

All of which suggests that now could be the right time to buy one of Redrow’s brand new chic apartments at Hemisphere, in Edgbaston, or Jupiter, in the heart if the city; all built to exacting quality standards, featuring stylish interiors and with help to find the right mortgage deal from recommended financial advisers.

Pauline Turnbull, sales director for Redrow Homes (Midlands), says: “Some of the latest statistics suggest that the smart move for home buyers could be to buy now while prices are still low and before they increase significantly further.

“With one of the UK’s biggest lenders Nationwide reporting month on month price increases and the latest reports showing an uplift, potential home buyers who’ve been waiting for the market to reach the bottom may feel they’ve reached that point.

“If they do, we’ve got a wide range of properties available in Birmingham at very competitive prices and a number of incentives designed to help get people moving. Interest rates also remain at an all-time low, with our recommended financial advisers able to pinpoint some attractive mortgage deals for those with a good credit history, a healthy deposit and / or substantial equity in the house they’re selling.”

Thanks to valuable incentives a new build home currently has lots of advantages over the second hand sector. There’s also the fact that it won’t require any costly renovation or repairs to bring it up to modern-day standards, comes with a 10-year warranty and, on average, a home built today is 40% more energy efficient than one built at the beginning of the decade.

Pauline adds: “Redrow has calculated that it can cost almost £30,000* to bring an older second hand property up to the same standard as one of our new homes, not to mention the time and energy involved.

“By contrast, in a Redrow home everything has been done for them already, with an up to date specification and high quality finish. Our homes feature modern kitchens and bathrooms, with well-known brand names, and they’re well insulated with full central heating and double glazed windows.”

Only a mile-and-a-half from Birmingham city centre, adjacent to Warwickshire County Cricket Ground and overlooking the green oasis of Cannon Hill Park, Hemisphere boast a prime location. As part of the wider Edgbaston Mill development by Calthorpe Estates, it will also have access to an on-site hotel, health club, shops, bars and restaurants.

Hemisphere offers a choice of one-bedroom apartments from just £109,995 and two-bedroom properties from only £149,995. Luxury two-bedroom penthouse apartments are available from £254,950.

Likewise, Jupiter is also fabulously located for easy access to the attractions that have made Birmingham a popular place to live. City dwellers can spend their leisure time socialising in the bars and restaurants around nearby Broad Street and Brindley Place, or soaking up some culture at the International Convention Centre, Symphony Hall and National Indoor Arena.

Jupiter has one-bedroom apartments available from just £64,950 and two-bedroom properties from only £129,995. The Government backed HomeBuy Direct scheme is available at Jupiter, allowing eligible purchasers to take out an equity loan for up to 30% of the purchase price. The loan is jointly funded by Redrow and the Homes & Community Agency (HCA) and, crucially, is interest-free for the first five years.

To find out more about making one of these fabulous developments home, log on to redrow.co.uk/developments/view/91 for information on Hemisphere; see redrow.co.uk/developments/view/26 for details of Jupiter.

* £30,000 estimate (inc vat) based on upgrading a typical three-bedroom house, including new kitchen units & appliances, new heating system, replacement wiring and remedial plastering, additional loft insulation, redecoration including materials, new bathroom suites, including ground-floor cloakroom and en-suite, replacement windows, new guttering including fitting and replacement of fascias.

** Latest house price data:
nationwide.co.uk/hpi
.rics.org