Sandwell house prices increased in June
House prices increased by 1.9% in Sandwell in June, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 13.8% over the last year.
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Hide AdThe average Sandwell house price in June was £195,424, Land Registry figures show – a 1.9% increase on May.
Over the month, the picture was different to that across West Midlands, where prices remained static, and Sandwell was above the 1% rise for the UK as a whole.
Over the last year, the average sale price of property in Sandwell rose by £24,000 – putting the area fourth among West Midlands’s 30 local authorities with price data for annual growth.
The highest annual growth in the region was in North Warwickshire, where property prices increased on average by 17%, to £262,000. At the other end of the scale, properties in Staffordshire Moorlands gained 3.4% in value, giving an average price of £215,000.
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Hide AdAn imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.
But activity is starting to slow, with soaring inflation putting household budgets under pressure.
First steps on the property ladder
First-time buyers in Sandwell spent an average of £178,000 on their property – £21,000 more than a year ago, and £55,000 more than in June 2017.
By comparison, former owner-occupiers paid £215,000 on average in June – 20.6% more than first-time buyers.
Property types
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Hide AdOwners of terraced houses saw the biggest rise in property prices in Sandwell in June – they increased 2.2%, to £176,389 on average. Over the last year, prices rose by 13.7%.
Among other types of property:
Detached: up 1.4% monthly; up 14.7% annually; £320,482 averageSemi-detached: up 1.8% monthly; up 14.7% annually; £209,212 averageFlats: up 1.8% monthly; up 9.7% annually; £107,229 average
How do property prices in Sandwell compare?
Buyers paid 20.6% less than the average price in West Midlands (£246,000) in June for a property in Sandwell. Across West Midlands, property prices are low compared to those across the UK, where the average cost £286,000.
The most expensive properties in West Midlands were in Stratford-on-Avon – £391,000 on average, and twice as much as more than in Sandwell. Stratford-on-Avon properties cost 2.8 times as much as homes in Stoke (£139,000 average), at the other end of the scale.
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Hide AdThe highest property prices across the UK were in Kensington and Chelsea.
Factfile
Average property price in June
Sandwell: £195,424West Midlands:£246,114UK: £286,397
Annual growth to June
Sandwell: +13.8%West Midlands: +6.6%UK: +7.8%
Highest and lowest annual growth in West Midlands
North Warwickshire: +17%Staffordshire Moorlands: +3.4%