West Midlands house price rise bucks trend in UK
House prices in the West Midlands are bucking a trend across the UK that has seen the sharpest fall for 12 years.
Halifax said the annual UK fall in June of 2.6 per cent, equating to around £7,500 being wiped off the average house price in cash terms, was the biggest since 2011.
But the West Midlands’ market appears to be relatively buoyant in comparison.
It was one of only two regions to show a rise in house prices in June compared to the same time last year, up 1.5 per cent to an average of £251,139. Only Yorkshire and the Humber also showed a rise, and that was by only 0.2 per cent.
Meanwhile, prices fell by as much as three per cent in the South East, 2.1 per cent in the East Midlands and 1.8 per cent in Wales.
On a month-on-month basis nationally, property values dipped for the third month in a row, with an average decline of 0.1 per cent in June. It comes as interest rates continue to rise, with the average mortgage rate now at more than six per cent for those wanting to borrow.
The West Midlands has consistently outperformed the rest of the UK’s housing market this year, although estate agents in the region say supply has dampened compared to the post-Covid period.
Kim Kinnaird of Halifax Mortgages said: “The average UK house price fell slightly in June, down by around £300 compared to May, with a typical average property for the UK now costing £285,932.This was the third consecutive monthly fall, albeit a modest one.
“The annual drop of 2.6 per cent is the largest year-on-year decrease since June 2011.”
Alice Haine, of Bestinvest, said: “These are worrying times for first-time buyers whose carefully saved deposit may no longer be enough to secure the home they want. Many are having to shelve buying plans.”
Average house prices across the UK and the annual increase or decrease, according to Halifax and based on the most recent three months of approved mortgage transaction data, are (in alphabetical order):
East Midlands, £333,343, minus 2.1 per cent
Eastern England, £238,755, minus 1.1 per cent
London, £533,057, minus 2.6 per cent
North East, £186,856, 0.2 per cent
North West, £168,240, minus 0.9 per cent
Northern Ireland, £223,493, minus 0.4 per cent
Scotland, £201,774, minus 0.1 per cent
South East, £384,106, minus 3.0 per cent
South West, £301,248, minus 2.1 per cent
Wales, £215,183, minus 1.8 per cent
West Midlands, £251,139, 1.5 per cent
Yorkshire and the Humber, £203,674, 0.2 per cent
