Business picks up in West Midlands

A West Midlands based broker claims that the housing market has actually quickened rather than slowed down in her neck of the woods.

Despite reports that the bottom has dropped out of the buy-to-let sector, Joyce Coakley, managing director of MCedgbaston, says that there is evidence that investors are taking advantage of properties coming back on the market from those who now cannot cover the mortgage with the rents they can reasonably charge.

MCedgbaston had its busiest period of business since the company began just over two years ago and it says both the buy-to-let and repossession sectors are booming.

Coakley says: “Those who have the money to invest are snapping up re-possession properties as well as those buy-to-lets back on the market because they were bought when prices were more buoyant.

“It is not doom and gloom in the West Midlands by any means, and latest figures from the Land Registry show that the region is one of the few in which house prices have risen.

“The cutbacks by lenders, the higher rates they are demanding and the big increases in arrangement fees they have applied, mean it’s taking a lot of hard work to find the right deals for clients, but they are out there.”