Solihull house prices increased in December

House prices increased by 1.5% in Solihull in December, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 12.4% over the last year.

The average Solihull house price in December was £348,004, Land Registry figures show – a 1.5% increase on November.

Over the month, the picture was different to that across West Midlands, where prices remained static, and Solihull was above the 0.4% drop for the UK as a whole.

Over the last year, the average sale price of property in Solihull rose by £38,000 – putting the area 16th among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in Walsall, where property prices increased on average by 17.6%, to £225,000. At the other end of the scale, properties in Wychavon gained 5.3% in value, giving an average price of £340,000.

The average UK house price was £294,000 in December 2022, which was £26,000 higher than 12 months earlier.

It meant prices increased by 9.8% annually in December, slowing from 10.6% annual growth in November, according to the Office for National Statistics.

First steps on the property ladder

First-time buyers in Solihull spent an average of £274,000 on their property – £31,000 more than a year ago, and £55,000 more than in December 2017.

By comparison, former owner-occupiers paid £403,000 on average in December – 47.1% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Solihull in December – they increased 1.7%, to £185,749 on average. Over the last year, prices rose by 10.7%.

Among other types of property:

Detached: up 1.4% monthly; up 12.1% annually; £608,499 averageSemi-detached: up 1.5% monthly; up 12.9% annually; £356,809 averageTerraced: up 1.3% monthly; up 13.5% annually; £265,112 average

How do property prices in Solihull compare?

Buyers paid 35.8% more than the average price in West Midlands (£256,000) in December for a property in Solihull. Across West Midlands, property prices are high compared to those across the UK, where the average cost £294,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £384,000 on average, and 1.1 times as much as more than in Solihull. Stratford-on-Avon properties cost 2.6 times as much as homes in Stoke (£147,000 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 December

Solihull: £348,004West Midlands:£256,206UK: £294,329

Annual growth to December

Solihull: +12.4%West Midlands: +10.7%UK: +9.8%

Highest and lowest annual growth in West Midlands

Walsall: +17.6%Wychavon: +5.3%