Midlands houses prices rise to buck national trend
House prices across the Black Country and Staffordshire are on the up, despite a dip in January, latest figures show.
In the 12 months to January, house prices in the West Midlands rose by 5.2 per cent while those in Staffordshire went up 3.1 per cent.
The Midlands is the second fastest growing region for house prices in the country, according to latest ONS figures.
Sandwell saw the biggest rise over the period with house prices up 6.6 per cent. The average property price in the borough is now £150,500, up from £141,224 last year.
The next biggest rise was in Wolverhampton, with house prices going up by 6.1 per cent over the year. Buyers are now paying an average of £151,536, compared to £142,764 in January last year.
Wolverhampton was the only local area to boast an increase between December and January, with prices creeping up by 0.1 per cent. All other areas either stagnated or declined. Both other Black Country boroughs also boasted house price rises, with Dudley increasing by 3.5 per cent from £165,914 to £171,643, and Walsall increasing by 5.2 per cent from £157,785 to £165,986.
In Staffordshire, houses in Cannock Chase now sell for an average of £169,152, a 5.7 per cent increase on the average of £159,973 in January last year.
Stafford’s house prices rose by 2.6 per cent in 12 months. The average cost of a house in the borough is now £203,618, compared with £198,404 last year.
Growth
The average house price in the West Midlands is £184,544 compared to £190,590 in Staffordshire. Local house prices are below the national average of £228,147.
However despite still being behind the UK average, there is reason for home owners across the region to be optimistic due to high levels of growth.
Lawrence Bowles, a residential research analyst at estate agent Savills, Lawrence Bowles, explained: “Regions in the Midlands and North are showing robust house price growth: Wales showed the fastest house price growth in Britain, followed by the Midlands.”
UK house prices increase by 1.7 per cent in 12 months. The highest house prices in the country are found in London’s Kensington and Chelsea, where properties sell for an average of £1.41 million.
The lowest prices are in Burnley, with properties costing £78,000 on average.
