Solihull house prices dropped slightly in October

By Will Grimond, Data Reporter
Published 20th Dec 2023, 16:08 BST
General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.
General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.
House prices dropped slightly, by 0.4%, in Solihull in October, new figures show.

House prices dropped slightly, by 0.4%, in Solihull in October, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 0.4% over the last year.

Hide Ad
Hide Ad

The average Solihull house price in October was £340,108, Land Registry figures show – a 0.4% decrease on September.

Over the month, the picture was similar to that across West Midlands, where prices decreased 0.5%, and Solihull was above the 0.7% drop for the UK as a whole.

Over the last year, the average sale price of property in Solihull rose by £1,400 – putting the area 18th among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in Stratford-on-Avon, where property prices increased on average by 6.9%, to £421,000. At the other end of the scale, properties in Herefordshire lost 4.2% of their value, giving an average price of £297,000.

Hide Ad
Hide Ad

First steps on the property ladder

First-time buyers in Solihull spent an average of £266,600 on their property – £250 more than a year ago, and £43,070 more than in October 2018.

By comparison, former owner-occupiers paid £394,450 on average in October – 48% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in Solihull in October – they dropped 0.7% in price, to £257,496 on average. Over the last year, prices dropped by 0.9%.

Among other types of property:

  • Detached: down 0% monthly; up 1.7% annually; £599,267 average
  • Semi-detached: down 0.4% monthly; up 0.6% annually; £349,710 average
  • Flats: down 0.7% monthly; down 0.4% annually; £180,226 average

How do property prices in Solihull compare?

Buyers paid 34.4% more than the average price in West Midlands (£253,000) in October for a property in Solihull. Across West Midlands, property prices are lower than those across the UK, where the average cost is £288,000.

Hide Ad
Hide Ad

The most expensive properties in West Midlands were in Stratford-on-Avon – £421,000 on average, and 1.2 times the price as in Solihull. Stratford-on-Avon properties cost 2.9 times the price as homes in Stoke (£145,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, at £1.4 million.

Factfile

Average property price in October

  • Solihull: £340,108
  • West Midlands:£253,130
  • UK: £287,782

Annual change to October

  • Solihull: +0.4%
  • West Midlands: -0.3%
  • UK: -1.2%

Highest and lowest annual growth in West Midlands

  • Stratford-on-Avon: +6.9%
  • Herefordshire: -4.2%