Solihull house prices increased in July
House prices increased by 3.7% in Solihull in July, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 10.8% annual growth.
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Hide AdThe average Solihull house price in July was £342,046, Land Registry figures show –a 3.7% increase on June.
Over the month, the picture was similar to that across West Midlands, where prices increased 3.8%, but Solihull outperformed the 2% rise for the UK as a whole.
Across the UK, the the average UK house price leapt by 15.5% in the year to July, marking the biggest increase in 19 years.
But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.
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Hide AdOver the last year, the average sale price of property in Solihull rose by £33,000 – putting the area 26th among West Midlands’s 30 local authorities with price data for annual growth.
The best annual growth in the region was in Nuneaton and Bedworth, where property prices increased on average by 15.6%, to £230,000. At the other end of the scale, properties in Malvern Hills gained just 8.1% in value, giving an average price of £330,000.
Winners and Losers
Owners of semi-detached houses saw the biggest improvement in property prices in Solihull in July – they increased 3.9%, to £350,765 on average. Over the last year, prices rose by 11.8%.
Among other types of property:
Detached: up 3.5% monthly; up 11.9% annually; £595,558 averageTerraced: up 3.8% monthly; up 10.7% annually; £261,089 averageFlats: up 3.6% monthly; up 6.9% annually; £183,752 average
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Hide AdFirst steps on the property ladder
First-time buyers in Solihull spent an average of £269,000 on their property – £25,000 more than a year ago, and £52,000 more than in July 2017.
By comparison, former owner-occupiers paid £396,000 on average in July – 47.1% more than first-time buyers.
How do property prices in Solihull compare?
Buyers paid 33.7% more than the average price in West Midlands (£256,000) in July for a property in Solihull. Across West Midlands, property prices are high compared to those across the UK, where the average cost £292,000.
The most expensive properties in West Midlands were in Stratford-on-Avon – £394,000 on average, and 1.2 times as much as more than in Solihull. Stratford-on-Avon properties cost 2.7 times as much as homes in Stoke (£143,000 average), at the other end of the scale.
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Hide AdThe highest property prices across the UK were in Kensington and Chelsea.
Factfile
Average property price in July
Solihull: £342,046West Midlands:£255,876UK: £292,118
Annual growth to July
Solihull: +10.8%West Midlands: +18%UK: +15.5%
Best and worst annual growth in West Midlands
Nuneaton and Bedworth: +15.6%Malvern Hills: +8.1%