House prices soar near centre

PROPERTY values are skyrocketing in part of Birmingham – despite it being named the poorest ward in the UK just last year.

Prices have soared in Ladywood, which is the fastest rising area in the UK, far outperforming London in terms of growth.

Estate agents say a wave of young professionals and investors are now flocking to the area, which includes part of the city centre, just months after experts claimed it had the worst levels of child poverty in the UK.

Prices rose by 17 per-cent in the 12 months up to July, far outstripping any part of London, where the property market has cooled dramatically since Brexit. The average house price in Ladywood jumped from £147,121 to £172,498, according to a report by Barclays.

Local estate agents have said HS2 and major new developments such as the new HSBC UK retail banking headquarters and Paradise Circus have played their part in boosting prices.

Ladywood estate agent Alex Jones said: “A lot of people are investing here. It seems people are starting to see Ladywood in a different way. It’s been named as one of the poorest places in the country, but it’s completely different now.

“Lots of young professionals like it because it’s so close to the city centre. A lot of new flats are going up and a lot of Londoners are buying.”

Craig Calder, director of Barclays Mortgages, said: “It is fascinating to see the individual postcodes where property prices are growing at a very fast pace, particularly when they are significantly outstripping the city’s average growth.”