Birmingham house prices increased more than West Midlands average in June

House prices increased by 1.4% – more than the average for West Midlands – in Birmingham in June, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 2.5% over the last year.

The average Birmingham house price in June was £228,680, Land Registry figures show – a 1.4% increase on May.

Over the month, the picture was different to that across West Midlands, where prices increased 0.7%, and Birmingham was above the 0.7% rise for the UK as a whole.

Over the last year, the average sale price of property in Birmingham rose by £5,700 – putting the area 13th among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in Newcastle-under-Lyme, where property prices increased on average by 8.1%, to £204,000. At the other end of the scale, properties in Staffordshire Moorlands lost 0.1% of their value, giving an average price of £224,000.

First steps on the property ladder

First-time buyers in Birmingham spent an average of £200,300 on their property – £4,800 more than a year ago, and £40,300 more than in June 2018.

By comparison, former owner-occupiers paid £263,500 on average in June – 31.5% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Birmingham in June – they increased 1.5%, to £207,522 on average. Over the last year, prices rose by 1.6%.

Among other types of property:

• Detached: up 1% monthly; up 2.7% annually; £446,032 average
• Semi-detached: up 1.3% monthly; up 2.5% annually; £262,793 average
• Flats: up 1.4% monthly; up 4.1% annually; £155,033 average

How do property prices in Birmingham compare?

Buyers paid 8.8% less than the average price in West Midlands (£251,000) in June for a property in Birmingham. Across West Midlands, property prices are lower than those across the UK, where the average cost is £288,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £400,000 on average, and 1.7 times the price as in Birmingham. Stratford-on-Avon properties cost 2.8 times the price as homes in Stoke (£144,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, with an average price of £1.3 million.

Factfile

Average property price in June

• Birmingham: £228,680
• West Midlands:£250,743
• UK: £287,546

Annual growth to June

• Birmingham: +2.5%
• West Midlands: +3.2%
• UK: +1.7%

Highest and lowest annual growth in West Midlands

• Newcastle-under-Lyme: +8.1%
• Staffordshire Moorlands: -0.1%