Birmingham house prices 2022: how much have sale prices gone up according to Land Registry - will they go down?

House prices across the UK have risen considerably in the time frame of April 2021 to April 2022.

Figures released by the UK Government in the form of the UK House Price Index have shown that the average house price in England at April 2022 was £299,249.

Here is the information released in the index in regards to house prices in Birmingham, Sandwell and Solihull up to April 2022.

What is the UK House Price Index?

The UK House Price Index (UK HPI) is calculated by the Office for National Statistics and Land & Property Services Northern Ireland. Find out about the methodology used to create the UK HPI.

Data for the UK House Price Index is provided by HM Land Registry, Registers of Scotland, The Land & Property Services/Northern Ireland Statistics & Research Agency and the Valuation Office Agency.

What are the largest and smallest price changes in England?

Within the economic statement, the index outlines which properties have had the largest and smallest increase out of all property types.

The statement reads: Across England, detached houses showed the largest increase out of all property types, growing by 14.2 per cent in the year to April 2022 to £471,000. The lowest annual change was in flats and maisonettes which increased by 7 per cent in the year to April 2022 to £248,000.

“As with other indicators in the housing market, which typically fluctuate from month to month, it is important not to put too much weight on one month’s set of house price data.”

How much has the average house price in England changed?

Average house prices in England increased by 11.9 per cent in the year to April 2022, up from 9.7 per cent in March 2022.

How much have house prices risen in Birmingham?

An in depth table published within the index outlines how much house prices have risen within each local authority in England.

According to the table, house prices in Birmingham have risen by 8.3 per cent from April 2021 to April 2022.

This is a rise from £205,945 in 2021 to £223,037 in April 2022.

How much have house prices risen in Sandwell and Solihull?

Sandwell and Solihull, local authorities which border Birmingham, are also included on the list published by the index.

In Sandwell, there has been a significant increase from £168,359 in 2021 to £195,453 in 2022.

This is an increase of 16.1 per cent.

In Solihull, the increase is 6.5 per cent in the 12 month between April 2021 and April 2022. The average house price in the area rose from £301,079 in 2021 to £320,691 in 2022.

Why are house prices going up?

One of the main reasons why house prices have risen sharply is the lack of supply to meet demand.

The competition for purchasing properties has increased dramatically since the coronavirus pandemic lockdown.

After the lockdown, there was a huge demand for people looking to buy homes.

When will prices come down?

Speculation is growing over the prospect of the UK heading towards a recession.

If this does happen, then this would almost certainly bring house prices back down, but would cause a number of economic issues elsewhere in society.

According to the Office for National Statistics (ONS), during the house market crash of 2008, the average UK house price dropped by 15 per cent.

Where are the most expensive and cheapest areas to live in England?

According to the index in April 2022, the most expensive area to purchase a property was Kensington and Chelsea, where the average cost was £1.5 million. In contrast, the cheapest area to purchase a property was Burnley, where the average cost was £119,000.