Black Country house prices up by around £5,000 over last year

House prices across the Black Country are around £5,000 higher on average than a year ago but the annual pace of growth is slowing, official figures show.

Average house prices across the UK increased by 4.9 per cent, or £10,000, in the year to June, down from five per cent growth in the year to May, according to figures released jointly by the Office for National Statistics (ONS), Land Registry and other bodies.

Bucking the general upward trend, average house prices in the City of London have plunged by 20.3 per cent over the past year – making it the weakest-performing local district in the UK for annual price growth in June.

Across the West Midlands the average price was up 4.7 per cent to £185,082. In Wolverhampton it was up 4.5 per cent, or around £6,000, to £141,098.

In Dudley it was up 3.1 per cent to £160,041, in Sandwell the average price rose 4.1 per cent to £133,915 and in Walsall it was up 3.1 per cent to £152,314. On average prices were up around £5,000.

In Staffordshire figures were more mixed. In Stafford prices rose just 0.4 per cent, to £191,437, but in South Staffordshire they soared 8.5 per cent, or around £17,000, to £222,377 on average. Cannock saw prices rise 5.6 per cent to an average of £159,000 while across Staffordshire they were up 4.6 per cent, or £8,000, to £181,163.

In Wyre Forest and Kidderminster average prices were up four per cent to £175,129. In Birmingham prices rose around £10,000 or 6.4 per cent to £171,386.

The report said across the UK annual growth rate in house prices has slowed since mid-2016 but has remained broadly around 5 per cent this year so far.

The ONS said the average UK house price was £223,000 in June – around £10,000 higher than in June 2016. Property values increased by 0.8 per cent between May and June.

England continues to be the main driver of house price growth, with prices there increasing by 5.2 per cent over the year to June to reach £240,000 on average.

The pace of price growth over the 12 months to June ranged from increases of 7.2 per cent in the East of England and 7.1 per cent in the East Midlands to, at the other end of the spectrum, 2.5 per cent in the North East and 2.9 per cent in London.

Jeremy Leaf, north London estate agent and former residential chairman of the Royal Institution of Chartered Surveyors (Rics), said: "What we are seeing on the ground is a determination to get on with property transactions even if that means negotiating harder to make sure they go through.

"Looking forward we don't expect to see any significant changes but it is a good time to do business when expectations are relatively flat and the market is left to more serious buyers and sellers."

Mark Harris, chief executive of mortgage broker SPF Private Clients, said that while mortgage rates remain "exceptionally low", average re-mortgage pricing has started edging upwards in the past few weeks.

He added: "So those holding off in the hope of an even cheaper deal may be disappointed if they delay much longer."

Sarah Beeny, owner of estate agent, Tepilo.com, said of the general UK house price increases: "This type of growth is much more sustainable and I expect it to continue throughout the rest of this year and into next."