Solihull house prices increased in June

House prices increased by 2.1% in Solihull in June, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 5.6% over the last year.

The average Solihull house price in June was £326,102, Land Registry figures show – a 2.1% increase on May.

Over the month, the picture was different to that across West Midlands, where prices remained static, and Solihull was above the 1% rise for the UK as a whole.

Over the last year, the average sale price of property in Solihull rose by £17,000 – putting the area 29th among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in North Warwickshire, where property prices increased on average by 17%, to £262,000. At the other end of the scale, properties in Staffordshire Moorlands gained 3.4% in value, giving an average price of £215,000.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

But activity is starting to slow, with soaring inflation putting household budgets under pressure.

First steps on the property ladder

First-time buyers in Solihull spent an average of £257,000 on their property – £12,000 more than a year ago, and £46,000 more than in June 2017.

By comparison, former owner-occupiers paid £377,000 on average in June – 46.8% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Solihull in June – they increased 2.6%, to £249,085 on average. Over the last year, prices rose by 5.1%.

Among other types of property:

Detached: up 1.6% monthly; up 7.1% annually; £567,425 averageSemi-detached: up 2.3% monthly; up 6.6% annually; £334,069 averageFlats: up 2.1% monthly; up 1.7% annually; £175,738 average

How do property prices in Solihull compare?

Buyers paid 32.5% more than the average price in West Midlands (£246,000) in June for a property in Solihull. Across West Midlands, property prices are high compared to those across the UK, where the average cost £286,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £391,000 on average, and 1.2 times as much as more than in Solihull. Stratford-on-Avon properties cost 2.8 times as much as homes in Stoke (£139,000 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 June

Solihull: £326,102West Midlands:£246,114UK: £286,397

Annual growth to June

Solihull: +5.6%West Midlands: +6.6%UK: +7.8%

Highest and lowest annual growth in West Midlands

North Warwickshire: +17%Staffordshire Moorlands: +3.4%