West Midlands house price rises are falling behind rest of the country
House price growth in the West Midlands has been lower than in any other region of England, new figures show.
Average house prices increased over the year in our region by 4.7 per cent.
It marks a healthy above-inflation rise, but falls well short of the increases experienced in other regions.
UK average house prices in England increased by 7.5 per cent over the year to January, to £267,000.
The average rise in Wales was 9.6 per cent to £179,000, in Scotland to £164,000 (6.9 per cent) and in Northern Ireland to £148,000 (5.3 per cent).
Within England, house prices in the North West recorded the highest annual growth in average house prices at 12 per cent. It marked the highest annual growth rate the North West has seen since June 2005. The average house price in London increased by 5.3 per cent over the year to January, up from 4.5 per cent in December.
The West Midlands had the lowest growth, with its annual increase almost three per cent lower than the national average.
Office for National Statistics figures show the average house price in England edged down by £1,000 in January, from a record high in December.
Across the whole of the UK, the average property value in January was £249,000, which was down from a record high of £250,000 in December, the Office for National Statistics said.
However, the average house price in January was still £17,000 higher than in January 2020.
Annual house price growth was slower in January than it had been in December.
London’s average house prices remain the most expensive of any region in the UK, at an average of £501,000 in January.
The ONS said recent price increases may reflect a range of factors including pent-up demand, changes in housing preferences since the pandemic and a response to the changes made to property transaction taxes, such as stamp duty, across the nations.
Reflecting the demand for more space, the average price of detached homes increased by 8.6 per cent in the year to January, in comparison with flats and maisonettes increasing by 2.6 per cent over the same period.
In early March, it was confirmed that in England and Northern Ireland, a current stamp duty tax holiday would be extended until June 30 after which the threshold will decrease to £250,000 until September 30.
From October 1, the stamp duty thresholds will revert back to what they were before the stamp duty holiday started last July.
The equivalent property tax holiday for Scotland is due to end on March 31. The tax holiday has been extended until June 30 in Wales.
