Mortgage advice in Birmingham
If you’re looking for mortgage advice, you can speak to a Rest Less Mortgages advisor and get high quality advice on residential, retirement interest-only, equity release and buy-to-let mortgages.
Buying a property in Birmingham
The average overall price of a property in Birmingham is £222,834 with house prices in the city up 9% year-on-year.
The average property prices for all of Birmingham are £443,077 for a detached property, whilst semi-detached houses sold for an average of £255,441. Flats sold for an average of £150,506, with terraced properties fetching £203,544.
Source: HM Land Registry. Figures shown are the latest available (May 2022).
Cost comparison of houses and flats in Birmingham
Source: HM Land Registry. Figures shown are the latest available (May 2022).
Property sold in Birmingham
There have been 18.6k property sales across the Birmingham postcode area in the past year, with the number of sales dropping by 16.9% (-4.5k transactions). Most properties were sold in the £150k-£200k price range with 4,862 (26.1%) properties sold, followed by 3,568 properties (19.2%) sold in the £200k-£250k price range.
Source: Plumplot.co.uk
About Birmingham
Birmingham is the biggest city in the West Midlands and is home to over 1.08m people.
Hailed as the birthplace of Cadbury’s chocolate, Birmingham not only offers property prices that are cheaper than the national average, but is also famous for its business services, food and music scene, as well as its cultural offerings with museums and galleries aplenty. With five universities in the city, Birmingham has a large student population and a vibrant nightlife to go with it.
The city centre is where you will find some of the best restaurants, museums and nightlife, and if you are looking for a property to buy in this area, it’s most likely to be a flat, with an average price of £236,899, according to Rightmove. An area that has seen a lot of development in recent years and has become a hotspot for property purchases is Digbeth which offers markets, pubs and a thriving arts scene. Properties here cost an average of £162,833, making it a more affordable alternative to the city centre.
Looking towards the suburbs, Westside is an upmarket area of Birmingham, with plenty of high-end restaurants and hotels. Further out you have leafy Edgbaston and Bournville, a quaint villagey suburb which was founded by the Cadbury family as a place for their factory workers to live. Unlike most cities in the UK, the further you move out from the city centre, the higher the property prices usually climb.
Birmingham has excellent transport connections. It’s only an hour and a half from London, and being at the heart of the UK’s motorway network is easily reachable from almost anywhere in the UK. If you’re planning to buy a property in Birmingham, you can find out more about the mortgage options that might be available to you, and how they compare, in our articles Mortgages for over 50s: What you need to know and Mortgages for over 60s: what you need to know.
Investing in buy-to-let properties in Birmingham
Once a centre for engineering, Birmingham is now fast becoming a commercial centre with professional services like finance, law and banking sectors coming up and offering employment opportunities. Birmingham is also a major university city with over 80,000 students which is good news for buy to let property investors. Find out more about buying a property to let out in our guide Buy to let: A beginner’s guide.
Find out how much you could borrow
Get an idea of how much you can borrow, based on your monthly income and outgoings using our mortgage affordability calculator.
Compare mortgage rates today
If you’d like to find out the kind of deals available on the market now, you can compare mortgage rates from the whole of market in minutes. Our comparison tool makes it easy to try out a few scenarios to see how that affects the mortgage rates available – simply adjust your options to see how that affects the results.
Want to speak to a mortgage advisor?
Speaking to an experienced mortgage advisor can help you to understand your options and get a great deal on your mortgage. If you’re looking for somewhere to start, you can speak to a Rest Less Mortgages advisor and get high quality advice on residential, retirement interest-only, equity release and buy-to-let mortgages.
Other areas you'd like to explore
If you are in the early phases of buying a property and haven’t settled on a location for your future home yet, check out mortgage information and house prices in these areas near Birmingham.
Read our mortgages guides
Whether you’re looking to understand how mortgages work, want to refresh your mortgage knowledge or you’re looking for the latest news in the world of mortgages – our guides are here to help.
Source acknowledgement: House price data produced by Land Registry.
This material was last updated on 10 May 2022. It covers the period from 1 May 2021 to 1 May 2022 and contains property transactions which have been registered during that period.
Contains HM Land Registry data © Crown copyright and database right 2022. This data is licensed under the Open Government Licence v3.0.
If you have found an error with the data please contact Her Majesty’s Land Registry (HMLR).
Please note that we charge a fee of £495 for residential, buy-to-let and retirement interest-only mortgages, and £995 for equity release. This only be chargeable upon mortgage completion.
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