West Midlands homeowners saw property values rise in 2024, report reveals
More homeowners in the West Midlands have seen their property increase in value last year, compared with 2023, according to a new report.
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Around 60 per cent of homes in our region have increased in value by one per cent or more in 2024, Zoopla estimated.
In the UK as a whole, around 15 million properties have had prices increasing, up from just over 10 million in 2023.
The average house price increase in the West Midlands was around £3,900. Wednesbury in the Black Country saw the highest rise, with an average of £6,000. The figures show that 70 per cent of properties in that area saw values increase.
The area with most houses decreasing in value in the West Midlands is Evesham, where 45 per cent have seen a decline.
Whilst 2024 saw a broad recovery of house prices, around a third of homes recorded price declines of one per cent or more last year, equating to just over nine million properties in the UK.
Just under six million homes last year recorded broadly static prices, according to Zoopla's calculations.
The falls in property values tended to be more concentrated across southern England, as higher mortgage rates reduced buying power, Zoopla said.
Taking into account price rises and falls, the average property value increased by £2,400 last year.
Richard Donnell, executive director at Zoopla said: "The housing market returned to growth in 2024 but the pattern of home value changes across Britain is far from uniform.
"There is headroom for prices to increase in markets where housing is affordable compared to incomes, which covers many parts of northern England and Scotland .
In contrast, affordability is more of a constraint on price rises in southern England, where the market continues to adjust to higher borrowing costs.
