Revealed: The priciest and cheapest neighbourhoods across Black Country and Staffordshire
The UK property market has had a turbulent few years, with a boom in the immediate aftermath of the pandemic, followed by a slowdown amid rising interest rates and inflation.
New figures from the Office for National Statistics (ONS) show where properties are likely to set you back the most in areas across the Black Country and in Staffordshire, and where you could potentially snap up a bargain.
The latest ONS figures show the priciest area for each patch, as well as the neighbourhood with the lowest house prices.
Across the country, property sales have slowed significantly in the past year.
Richard Donnell, executive director of research at the property search website Zoopla, said: "The increase in mortgage rates is having a bigger impact on the number of sales rather than house prices so far."
Recent research by the company suggests sellers are shaving off more than fice per cent off the original asking price to achieve a sale.
"There are big regional variations with market activity holding up better in Scotland, the North East and London, while sales have increased more slowly in regions across the south of England.
"House prices are starting to post small falls in higher value markets where average values are over £400,000 – in more affordable markets prices are still rising year on year, albeit at much slower rates than a year ago."
Wolverhampton
The Penn neighbourhood was Wolverhampton's priciest, with a median value of £260,000 among the 134 sales in the area last calendar year.
The next most expensive was the Merry Hill area, where a house could set you back £255,000, and Tettenhall Wightwick, which had a median price of £250,000 in 2022.
Meanwhile, the Heath Town neighbourhood saw the lowest house prices, with buyers paying an average of £140,500 across 96 sales last year.
This was followed by St Peter's and Ettingshall, where buyers spent £142,500 and £155,000 respectively.
In Wolverhampton, the average house cost £190,000 in 2022 – up from £180,000 a year before.
The number of properties sold dropped, from 3,006 in 2021 to 2,196 last year.
Dudley
The Norton neighbourhood was Dudley's priciest, with a median value of £330,000 among the 140 sales in the area last calendar year.
The next most expensive was the Pedmore and Stourbridge East area, where a house could set you back £300,000, and Kingswinford South, which had a median price of £279,000 in 2022.
