The latest data from the Government’s UK House Price Index shows that the West Midlands Region has moved to the top of the table for annual UK price growth, up 7.2%. We have highlighted the West Midlands property hotspots bucking the wider UK market trends and driving this growth.
Across the West Midlands, there are a total of 11 different areas that have seen annual house price growth climb above and beyond the regional average.
Coventry is leading the pack with an annual increase of 9.3%, with the average house costing just £178,768. Solihull (9.2%), Staffordshire Moorlands (9.1%), Bromsgrove (9%), and Sandwell (9%) have all also enjoyed an annual increase of 9% or higher.
In addition, Malvern Hills (8.8%), Wolverhampton (8.6%), Rugby (8.4%), Birmingham (7.8%), Walsall (7.3%) and Wychavon (7.3%) have all also enjoyed above average price growth for the region.
While the market has seen price growth falter due to hesitance among both buyers and sellers, this has largely been restricted to properties at the higher end of the ladder at the £300,000 threshold and above.
The market across the Midlands is home to an abundance of properties at a much more affordable price tag, and as a result, we’ve seen a consistent level of buyer demand across the board, and in turn, a much healthier rate of price growth than other UK regions.
Despite this large increase in property prices, the region remains one of the most affordable in the UK and an attractive proposition to buyers from all stages of life. As the market continues to find its feet and a higher level of confidence returns to the UK as a whole, this sustained level of affordability should see the West Midlands market continue to go from strength to strength.Russell Quirk