West Midlands property prices went up 6.6% between June 2021-2022, says ONS

House prices in the West Midlands increased between June 2021-22 period by 6.6%, according to latest government data.

The average house price in the West Midlands was £246,114 in June 2022 compared to £230,984 in June 2021. The average house price in the region in May 2022 was £245,992.

The change in average house prices in the region is lesser than the UK average which stands at 7.8% over the year to June 2022, down from 12.8% in May 2022. Even though there is an increase between May and June 2022, annual house price inflation has slowed due to the rises in prices seen in June 2021, which were the result of tax break changes.

The average UK house price was £286,000 in June 2022, which is £20,000 higher than this time last year. Average house prices increased over the year in England to record £305,000 (7.3%) in June 2022 down from an increase of 13.0% in the year to May 2022.

UK’s average house price growth accelerated in the latter half of June 2020 and the rise carried on to 2021 as well. In July 2020, changes to tax paid on property purchases were announced. In England, properties up to the value of £500,000 would incur no tax, it was announced but the tax holiday is now over.

While London’s increase at 6.3% was less than the West Midlands’, the average house prices there remain the most expensive of any region in the UK, with the average house price now at a record level of £538,000 in June 2022.

Meanwhile, East of England had the highest annual house price growth, with average prices increasing by 9.7% in the year to June 2022. This was down from a growth rate of 14.5% in May 2022. The average house price in June 2022 there was £354,481. The average homes in the East region are £108,367 costlier than West Midlands.

What kind of houses cost more?

The UK average house price of a detached home was £446,435 in June 2022 up by 9.5% from June 202. The average house price of a semi-detached increased by 9.1% and stands at £276,955 now.

The first time buyer in Great Britain paid an average of £239,418 in June 2022.

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