Solihull house prices held steady in June

General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.

House prices remained steady in Solihull in June, new figures show.

The lack of movement maintains the longer-term trend, which has seen property prices in the area grow by 2.3% over the last year.

The average Solihull house price in June was £333,947, Land Registry figures show – largely unchanged from May.

Over the month, the picture was different to that across West Midlands, where prices increased 0.7%, and Solihull was lower than the 0.7% rise for the UK as a whole.

Over the last year, the average sale price of property in Solihull rose by £7,500 – putting the area 15th among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in Newcastle-under-Lyme, where property prices increased on average by 8.1%, to £204,000. At the other end of the scale, properties in Staffordshire Moorlands lost 0.1% of their value, giving an average price of £224,000.

First steps on the property ladder

First-time buyers in Solihull spent an average of £261,900 on their property – £5,300 more than a year ago, and £36,400 more than in June 2018.

By comparison, former owner-occupiers paid £386,900 on average in June – 47.7% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in Solihull in June – they dropped 0.4% in price, to £584,565 on average. But over the last year, prices rose by 2.7%.

Among other types of property:

Semi-detached:

Terraced:

Flats:

How do property prices in Solihull compare?

Buyers paid 33.2% more than the average price in West Midlands (£251,000) in June for a property in Solihull. Across West Midlands, property prices are lower than those across the UK, where the average cost is £288,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £400,000 on average, and 1.2 times the price as in Solihull. Stratford-on-Avon properties cost 2.8 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, with an average price of £1.3 million.

Factfile

Average property price in June

Solihull: £333,947
West Midlands:£250,743
UK: £287,546

Annual growth to June

Solihull: +2.3%
West Midlands: +3.2%
UK: +1.7%

Highest and lowest annual growth in West Midlands

Newcastle-under-Lyme: +8.1%
Staffordshire Moorlands: -0.1%