Birmingham house prices drop by thousands in November - types of property affected and price comparisons here

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Birmingham house prices drop by thousands in November, latest figures show - here's the breakdown of types of property affected most and comparisons across the West Midlands and UK

House prices dropped by 1.8% in Birmingham in November, new figures show.

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The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 3.1% annual decline. The average Birmingham house price in November was £225,934, Land Registry figures show – a 1.8% decrease on October.

Over the month, the picture was different to that across West Midlands, where prices decreased 3.1%, but Birmingham was lower than the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in Birmingham fell by £7,200 – putting the area 23rd among West Midlands’s 30 local authorities with price data for annual growth.

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The highest annual growth in the region was in Wychavon, where property prices increased on average by 6%, to £369,000. At the other end of the scale, properties in South Staffordshire lost 8.6% of their value, giving an average price of £276,000.

First steps on the property ladder

  • First-time buyers in Birmingham spent an average of £198,000 on their property – £6,600 less than a year ago, but £32,100 more than in November 2018.
  • By comparison, former owner-occupiers paid £260,400 on average in November – 31.5% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in Birmingham in November – they dropped 2.2% in price, to £205,640 on average. Over the last year, prices dropped by 4%.

Among other types of property:

  • Detached: down 1.7% monthly; down 2.9% annually; £439,904 average
  • Semi-detached: down 1.8% monthly; down 2.8% annually; £260,504 average
  • Flats: down 0.9% monthly; down 2.1% annually; £151,627 average

PA

How do property prices in Birmingham compare?

Buyers paid 7.3% less than the average price in West Midlands (£244,000) in November for a property in Birmingham. Across West Midlands, property prices are lower than those across the UK, where the average cost is £285,000.

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The most expensive properties in West Midlands were in Stratford-on-Avon – £410,000 on average, and 1.8 times the price as in Birmingham. Stratford-on-Avon properties cost 2.9 times the price as homes in Stoke (£139,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in November

  • Birmingham: £225,934
  • West Midlands: £243,655
  • UK: £284,950

Annual change to November

  • Birmingham: -3.1%
  • West Midlands: -3.4%
  • UK: -2.1%

Highest and lowest annual growth in West Midlands

  • Wychavon: +6%
  • South Staffordshire: -8.6%

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