Solihull house prices dropped slightly in May

House prices dropped slightly, by 0.7%, in Solihull in May, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 4.6% over the last year.

The average Solihull house price in May was £334,159, Land Registry figures show – a 0.7% decrease on April.

Over the month, the picture was different to that across West Midlands, where prices increased 0.5%, and Solihull was lower than the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in Solihull rose by £15,000 – 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 Telford and Wrekin, where property prices increased on average by 9.1%, to £227,000. At the other end of the scale, properties in North Warwickshire lost 4.7% of their value, giving an average price of £242,000.

First steps on the property ladder

First-time buyers in Solihull spent an average of £262,000 on their property – £11,000 more than a year ago, and £42,000 more than in May 2018.

By comparison, former owner-occupiers paid £387,000 on average in May – 47.9% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in Solihull in May – they dropped 0.9% in price, to £251,036 on average. But over the last year, prices rose by 3.3%.

Among other types of property:

• Detached: down 0.6% monthly; up 5.3% annually; £587,792 average
• Semi-detached: down 0.8% monthly; up 4.4% annually; £341,076 average
• Flats: down 0.4% monthly; up 5% annually; £180,343 average

How do property prices in Solihull compare?

Buyers paid 34.7% more than the average price in West Midlands (£248,000) in May for a property in Solihull. Across West Midlands, property prices are lower than those across the UK, where the average cost is £286,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £383,000 on average, and 1.1 times the price as in Solihull. Stratford-on-Avon properties cost 2.7 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.

Factfile

Average property price in May

• Solihull: £334,159
• West Midlands:£248,166
• UK: £285,861

Annual growth to May

• Solihull: +4.6%
• West Midlands: +2.2%
• UK: +1.9%

Highest and lowest annual growth in West Midlands

• Telford and Wrekin: +9.1%
• North Warwickshire: -4.7%