Sandwell house prices dropped slightly in November

House prices dropped slightly, by 0.5%, in Sandwell in November, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 0.2% over the last year.

The average Sandwell house price in November was £204,186, Land Registry figures show – a 0.5% decrease on October.

Over the month, the picture was different to that across West Midlands, where prices decreased 3.1%, and Sandwell was above the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in Sandwell rose by £410 – putting the area eighth 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 Sandwell spent an average of £186,203 on their property – £44 more than a year ago, and £48,905.7866 more than in November 2018.

By comparison, former owner-occupiers paid £225,303 on average in November – 21% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in Sandwell in November – they dropped 0.9% in price, to £183,126 on average. Over the last year, prices dropped by 0.4%.

Among other types of property:

• Detached: up 0.2% monthly; up 1.4% annually; £338,337 average
• Semi-detached: down 0.6% monthly; up 0.7% annually; £220,129 average
• Flats: up 0% monthly; down 1.1% annually; £110,016 average

How do property prices in Sandwell compare?

Buyers paid 16.2% less than the average price in West Midlands (£244,000) in November for a property in Sandwell. 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 twice the price as in Sandwell. 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

• Sandwell: £204,186
• West Midlands:£243,655
• UK: £284,950

Annual change to November

• Sandwell: +0.2%
• West Midlands: -3.4%
• UK: -2.1%

Highest and lowest annual growth in West Midlands

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