Average West Midlands house price up £22,000 in a year

The typical property value for our region was £240,528 in March 2022 – following an annual increase of more than £22,000, the Office for National Statistics (ONS) said.

Nationally, the average house prices now stands at £278,000.

The annual national growth rate in March, at 9.8 per cent, was lower than an 11.3 per cent annual increase in February.

Average house prices increased over the year in England to a record level of £298,000 (a 9.9 per cent annual increase), in Wales to £206,000 (11.7 per cent), in Scotland to £181,000 (8.0 per cent) and in Northern Ireland to £165,000 (10.4 per cent).

Within England, the East Midlands had the highest annual house price growth, with average prices increasing by 12.4 per cent in the year to March. Average house prices in the East Midands are now almost on a par with those in the West Midlands.

The lowest annual house price growth was in London, where average prices increased by 4.8 per cent over the year to March.

ONS house prices statistician Ceri Lewis said: "Our latest figures continue to show house prices increasing and remaining at record levels.

"UK rental prices are also still growing rapidly across all nations and regions. After the falls seen last year, London rental prices continue to pick up with their strongest growth since November 2020."

A separate report from the ONS showed private rental prices paid by tenants in the UK rose by 2.7 per cent in the 12 months to April, up from 2.4 per cent in the 12 months to March.

Private rents increased by 2.5 per cent in England, 1.7 per cent in Wales, and 2.9 per cent in Scotland in the 12 months to April 2022.