Solihull house prices increased in February

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

House prices increased by 1.3% in Solihull in February, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 8.6% annual growth.

The average Solihull house price in February was £342,997, Land Registry figures show – a 1.3% increase on January.

Over the month, the picture was better than that across West Midlands, where prices decreased 0.4%, and Solihull outperformed the 1% drop for the UK as a whole.

Over the last year, the average sale price of property in Solihull rose by £27,000 – putting the area 18th among West Midlands’s 30 local authorities with price data for annual growth.

The best annual growth in the region was in Malvern Hills, where property prices increased on average by 12.9%, to £347,000. At the other end of the scale, properties in East Staffordshire gained just 4.8% in value, giving an average price of £230,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in Solihull in February – they increased 1.6%, to £601,220 on average. Over the last year, prices rose by 9.1%.

Among other types of property:

Semi-detached:

Terraced:

Flats:

First steps on the property ladder

First-time buyers in Solihull spent an average of £269,000 on their property – £21,000 more than a year ago, and £51,000 more than in February 2018.

By comparison, former owner-occupiers paid £397,000 on average in February – 47.8% more than first-time buyers.

How do property prices in Solihull compare?

Buyers paid 35.1% more than the average price in West Midlands (£254,000) in February for a property in Solihull. Across West Midlands, property prices are high compared to those across the UK, where the average cost £288,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £386,000 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 (£146,000 average), at the other end of the scale.

The highest property prices across the UK were in 160.

Factfile

Average property price in February

Solihull: £342,997
West Midlands:£253,921
UK: £287,506

Annual growth to February

Solihull: +8.6%
West Midlands: +8.6%
UK: +5.5%

Best and worst annual growth in West Midlands

Malvern Hills: +12.9%
East Staffordshire: +4.8%