Solihull house prices increased in November

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

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 2.6% over the last year.

The average Solihull house price in November was £345,366, Land Registry figures show – a 1.3% increase on October.

Over the month, the picture was different to that across West Midlands, where prices decreased 3.1%, and Solihull was above the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in Solihull rose by £8,800 – putting the area third among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in Wychavon, where property prices increased on average by 6%, to £369,000. At the other end of the scale, properties in South Staffordshire lost 8.6% of their value, giving an average price of £276,000.

First steps on the property ladder

First-time buyers in Solihull spent an average of £271,300 on their property – £6,600 more than a year ago, and £46,000 more than in November 2018.

By comparison, former owner-occupiers paid £399,800 on average in November – 47.4% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Solihull in November – they increased 2.4%, to £185,332 on average. Over the last year, prices rose by 3.1%.

Among other types of property:

• Detached: up 1% monthly; up 3% annually; £604,061 average
• Semi-detached: up 1.3% monthly; up 3% annually; £355,393 average
• Terraced: up 0.6% monthly; up 0.9% annually; £260,237 average

How do property prices in Solihull compare?

Buyers paid 41.7% more than the average price in West Midlands (£244,000) in November for a property in Solihull. Across West Midlands, property prices are lower than those across the UK, where the average cost is £285,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £410,000 on average, and 1.2 times the price as in Solihull. Stratford-on-Avon properties cost 2.9 times the price 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 November

• Solihull: £345,366
• West Midlands:£243,655
• UK: £284,950

Annual change to November

• Solihull: +2.6%
• West Midlands: -3.4%
• UK: -2.1%

Highest and lowest annual growth in West Midlands

• Wychavon: +6%
• South Staffordshire: -8.6%