Plans for hundreds of additional homes across the Walsall borough have been revealed as part of the latest changes to the area’s emerging Local Plan.
According to a report by BirminghamLive, four additional sites have been added to the proposals, potentially providing another 319 homes across the borough.
For Walsall, it is another indication of the pressure to provide more housing over the coming years – but it also raises an interesting question for existing homeowners.
What does continued housebuilding mean for the local property market?
More Homes – But Also More People Looking for Homes
It is easy to look at hundreds of proposed new properties and assume that additional supply must be bad news for people selling existing homes.
The reality is much more complicated.
New housing development is usually a response to the same fundamental issue we see every day as estate agents: people need somewhere to live.
First-time buyers want to get onto the property ladder, families need larger homes, older homeowners may want to downsize and people continue to move into and around the Walsall area.
New developments can help meet some of that demand, but they also create movement throughout the wider housing market.
Someone buying a new-build home may have an existing property to sell. The purchaser of that home may themselves have somewhere to sell, creating a chain of transactions involving properties of different ages, styles and prices.
That movement is an important part of a healthy property market.
New Homes and Older Homes Don’t Always Compete
There is also a tendency to think that every new-build property competes directly with existing homes for sale.
That’s rarely the case.
Buyers have very different priorities.
Some specifically want a brand-new property with modern fittings and minimal work required. Others prefer an established home with a larger garden, more generous room sizes, an established neighbourhood or the opportunity to improve and personalise a property themselves.
Walsall has an enormous variety of housing, from Victorian and Edwardian terraces through to traditional semi-detached family homes, bungalows and modern developments.
That variety is one of the strengths of the local market.
Why Development Can Be Positive for an Area
Housing development can also bring wider investment.
Depending on the scale and location of a scheme, development can contribute towards improvements to roads, public spaces, transport and other local infrastructure.
Bringing unused or previously developed land back into productive use can be particularly beneficial.
Of course, development needs to be carefully considered. Local residents understandably want to know whether roads, schools, healthcare and other services can accommodate additional homes.
Those are important questions and form part of the planning process.
But ultimately, Walsall needs a housing market capable of providing homes for the people who want to live here.
What Does This Mean if You’re Thinking of Selling?
For existing homeowners, the important point is that new development doesn’t remove the need for second-hand homes.
In fact, the majority of people moving home will continue to buy properties within the established housing market.
What matters far more to an individual seller is how their particular property compares with the other homes available at the time.
Price, presentation and marketing remain crucial.
A well-presented property launched at a realistic asking price can attract considerably more attention than one that starts too high and has to be repeatedly reduced.
That’s why understanding the market at street level is much more useful than relying solely on national headlines about housebuilding or house prices.
Walsall’s Property Market Continues to Evolve
The latest proposals are another sign of how the Walsall borough is continuing to change.
Some of the developments being discussed today could ultimately provide homes for hundreds of families, but planning proposals can change and identifying land for housing doesn’t necessarily mean construction will begin immediately.
For homeowners considering selling, the more immediate question is what’s happening in your part of Walsall right now.
How many comparable properties are available? What have similar homes actually sold for? How strong is buyer demand? And, importantly, where should your property be positioned to attract the strongest interest?
Those are the questions that determine the success of a sale.
At Skitts Estate Agents, our teams work across Walsall and the surrounding areas every day, giving us a detailed understanding of the different local markets within the borough.
If you’re considering selling and would like to know what your property could realistically achieve in the current market, speak to your local Skitts team for a free, no-obligation market appraisal and asking price guidance.
