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

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

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.

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

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.

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%