Member Article

Housing market remains buoyant in Redditch as property sales continue during pandemic

Solomon New Homes, a regional property investment firm, has continued to see sales of its developments in Redditch despite lockdown as the housing market reawakens. The firm is marketing 98 apartments in St Stephen’s House, which once housed the town’s Job Centre. During the 100 days of lockdown the firm sold 34 apartments as interest investing in the tertiary town continued.

With several well-known corporations headquartered in Redditch and numerous expansion plans now in progress, Solomon believes that the Redditch’s tertiary town status is attractive to buyers looking for a good deal post-Covid-19.

Solomon founder Andrew Ward comments: “Redditch has a growing population of around 85,000 and it’s part of one of Britain’s largest and successful manufacturing regions. Despite the pandemic, the combination of rising employment, a growing population and strong inward investment has helped to sustain a rewarding private rental sector in the town.

“During lockdown our sales messages have been joined by COVID updates for buyers to ensure they were kept abreast of industry movement via podcasts and webinars – whose numbers have increased in engagement by 30%. We have embraced digital technology for viewings and communicating with clients.”

Data published by Rightmove in February 2020 suggested that overall sold prices in Redditch had risen by 4% over the 12 months to December 2019, a figure that was itself 11% up on the average for the previous year.

Andrew continues: “Rising employment has prompted an inward migration of younger workers, and this has boosted demand for smaller rental properties. The apartments at St Stephen’s have been in particular demand and we’ve seen a steady flow of sales during lockdown. Whereas semi-detached properties have generally lost value over the previous 12 months, flats in Redditch have appreciated by a very impressive 19%.”

Solomon has also witnessed sales across its entire portfolio during lockdown.

This was posted in Bdaily's Members' News section by Sara Wheater .