West Midlands house prices hit all-time high
Average house prices have hit an all-time high across the West Midlands after surging 7.3 per cent over the 12 months to March, according to official figures.
The pace of annual growth in the value of homes accelerated across most of the UK, but across the Midlands average prices have now soared to £202,000, the Office for National Statistics (ONS) said.
But that is still way below the UK's national average of £273,000, which is distorted by the impact of London where average prices are to £498,000, while in the South East they have risen to £339,000.
UK-wide house prices rose 9.6 per cent year on year in March, jumping by 1.1 per cent between February and March, taking prices across the country to £273,000 on average, the Office for National Statistics (ONS) said.
The figures also show that the average first-time buyer faces paying 7.8 per cent more for a property than they did a year ago, with the typical starter home costing £206,000 in March.
Andrew Montlake, director at Coreco Mortgage Brokers, said: "These latest figures show that house prices are gathering pace once more, which will dismay many first-time buyers anxiously hoping that prices would stabilise at the very least. With a post-election surge of activity in the housing market expected, more stock is needed, especially in high-demand areas, to avoid further rises."
Campbell Robb, chief executive of housing and homelessness charity Shelter, said: "The new Government must get down to business with a big, bold plan that will finally build the homes this country so desperately needs."