West Midlands house prices increased slightly in July

House prices increased slightly, by 0.9%, in West Midlands in July, new figures show.

File photo dated 14/10/14 of sold and for sale signs. A scramble by buyers to complete before the stamp duty holiday started winding down pushed UK house prices to a record high in June, official figures show. House prices rose by 13.2% over the year to June, faster than at any point since November 2004, according to the Office for National Statistics (ONS). Issue date: Wednesday August 18, 2021.

House prices increased slightly, by 0.9%, in West Midlands in July, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 9.3% annual growth.

The average West Midlands house price in July was £208,318, Land Registry figures show – a 0.9% increase on June.

Over the month, the picture was better than that across the West Midlands, where prices decreased 4.9%, and West Midlands outperformed the 3.7% drop for the UK as a whole.

Over the last year, the average sale price of property in West Midlands rose by £18,000 – putting the area 25th among the West Midlands’s 34 local authorities for annual growth.

The best annual growth in the region was in Wyre Forest, where property prices increased on average by 19.8%, to £233,000. At the other end of the scale, properties in Warwick gained 2.6% in value, giving an average price of £316,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in West Midlands in July – they increased 1.2%, to £368,940 on average. Over the last year, prices rose by 11.2%.

Among other types of property:

Semi-detached: up 1.1% monthly; up 9.6% annually; £220,861 averageTerraced: up 0.5% monthly; up 9.5% annually; £179,827 averageFlats: up 0.8% monthly; up 6.6% annually; £136,628 average

First steps on the property ladder

First-time buyers in West Midlands spent an average of £181,000 on their property – £15,000 more than a year ago, and £40,000 more than in July 2016.

By comparison, former owner-occupiers paid £239,000 on average in July – 32.2% more than first-time buyers.

How do property prices in West Midlands compare?

Buyers paid 5.6% less than the average price in the West Midlands (£221,000) in July for a property in West Midlands. Across the West Midlands, property prices are lower than those across the UK, where the average cost £256,000.

The most expensive properties in the West Midlands were in Stratford-on-Avon – £355,000 on average, and 1.7 times as much as in West Midlands. Stratford-on-Avon properties cost 2.6 times as much as homes in Stoke (£135,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average July sale price of £1.3 million could buy 13 properties in Burnley (average £101,000).

Factfile

Average property price in July

West Midlands: £208,318The West Midlands:£220,759UK: £255,535

Annual growth to July

West Midlands: +9.3%The West Midlands: +8.5%UK: +8%

Best and worst annual growth in the West Midlands

Wyre Forest: +19.8%Warwick: +2.6%