Ten key points about house prices in the West MidlandsPublished: Tuesday, 25th September 2018
WMiC takes a look at the figures in the latest UK House Price Index
WMiC takes a look at the figures in the latest UK House Price Index to find out:
- How do house prices in the West Midlands compare to those across England?
- Where are the region’s most expensive and cheapest properties?
- Where did prices rise fastest?
- What is the difference in price between new build and resold properties?
The Office of National Statistics (ONS) and HM Land Registry produce regular updates on UK property transactions, with the figures split by nation, region and local authority. As well as information by area, the updates also include data on factors such as property type, sales volumes, cash and mortgage purchases and repossession sales. Some of the headline statistics for the West Midlands are:
- £248,611 - the average price of a property in England in July 2018, an increase of 3% on the previous year
- £195,447 - the average price for a property in the West Midlands in July 2018
- 4.4% - the annual increase in West Midlands house prices, the joint second highest rate in England, behind the North West (5.6%)
- London was the only region where house prices fell over the year
- 7.8% - Wyre Forest had the largest annual increase in West Midlands house prices, closely followed by Tamworth (7.7%) and Wychavon (7.6%)
- -1.2% - South Staffordshire was the only area in the West Midlands to experience a fall in house prices over the year to July 2018. The next lowest figure was a 0.2% increase for North Warwickshire
- £314,071 - Stratford upon Avon, the highest average house price in the region, up 3.2% on the year before. Warwick district had the second highest average at £307,535, up 3.5%.
- £106,764 - Stoke-on-Trent, the lowest average house price in the West Midlands, up 1.7% on the year. Sandwell had the second lowest average price at £144,271, up 6.3% on July 2017
- £262,876 average price of a new property in the West Midlands in May 2018, up 7% on the year before
- £188,090, average price of a resold property in the West Midlands, up 4.8% on the year before
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