House prices increased by 1.2% in West Midlands in June, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 10.5% annual growth.
The average West Midlands house price in June was £206,718.1956, Land Registry figures show – a 1.2% increase on May.
Over the month, the picture was less good than that across the West Midlands, where prices increased 5.6678457%, and West Midlands underperformed compared to the 4.4989563% rise for the UK as a whole.
Over the last year, the average sale price of property in West Midlands rose by £20,000 – putting the area 24th among the West Midlands’s 34 local authorities for annual growth.
The best annual growth in the region was in Shropshire, where property prices increased on average by 20.9%, to £256,000. At the other end of the scale, properties in Warwick gained 3.1% in value, giving an average price of £325,000.
Winners and Losers
Owners of detached houses saw the biggest improvement in property prices in West Midlands in June – they increased 1.3%, to £365,023.2114 on average. Over the last year, prices rose by 11.8%.
Among other types of property:
Semi-detached: up 1.2% monthly; up 10.5% annually; £218,577.3377 averageTerraced: up 1.3% monthly; up 10.7% annually; £178,701.5067 averageFlats: up 1% monthly; up 8.7% annually; £136,375.7606 average
First steps on the property ladder
First-time buyers in West Midlands spent an average of £179,000 on their property – £17,000 more than a year ago, and £40,000 more than in June 2016.
By comparison, former owner-occupiers paid £237,000 on average in June – 32.1% more than first-time buyers.
How do property prices in West Midlands compare?
Buyers paid 10.7% less than the average price in the West Midlands (£231,000) in June for a property in West Midlands. Across the West Midlands, property prices are low compared to those across the UK, where the average cost £266,000.
The most expensive properties in the West Midlands were in Stratford-on-Avon – £342,000 on average, and 1.7 times as much as in West Midlands. Stratford-on-Avon properties cost 2.7 times as much as homes in Stoke (£126,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average June sale price of £1.2 million could buy 13 properties in Burnley (average £99,000).
Average property price in June
West Midlands: £206,718.1956The West Midlands:£231,428.6977UK: £265,668.1787
Annual growth to June
West Midlands: +10.5%The West Midlands: +15%UK: +13.2%
Best and worst annual growth in the West Midlands
Shropshire: +20.9%Warwick: +3.1%