Solihull house prices increased in September

By Sonja Tutty, Data Reporter
Published 15th Nov 2023, 10:53 BST
General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.
General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.
House prices increased by 1.9% in Solihull in September, new figures show.

House prices increased by 1.9% in Solihull in September, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 2.1% over the last year.

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The average Solihull house price in September was £343,012, Land Registry figures show – a 1.9% increase on August.

Over the month, the picture was different to that across West Midlands, where prices decreased 0.2%, and Solihull was above the 0.5% drop for the UK as a whole.

Over the last year, the average sale price of property in Solihull rose by £7,000 – putting the area 12th among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in Cannock Chase, where property prices increased on average by 8.1%, to £243,000. At the other end of the scale, properties in Staffordshire Moorlands lost 6.9% of their value, giving an average price of £221,000.

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First steps on the property ladder

First-time buyers in Solihull spent an average of £269,200 on their property – £5,000 more than a year ago, and £45,300 more than in September 2018.

By comparison, former owner-occupiers paid £397,400 on average in September – 47.6% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Solihull in September – they increased 2%, to £351,132 on average. Over the last year, prices rose by 1.8%.

Among other types of property:

  • Detached: up 2% monthly; up 3.2% annually; £602,116 average
  • Terraced: up 1.7% monthly; up 0.6% annually; £259,238 average
  • Flats: up 1.7% monthly; up 2.4% annually; £184,095 average

How do property prices in Solihull compare?

Buyers paid 35.2% more than the average price in West Midlands (£254,000) in September for a property in Solihull. Across West Midlands, property prices are lower than those across the UK, where the average cost is £291,000.

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The most expensive properties in West Midlands were in Warwick – £377,000 on average, and 10% in Solihull. Warwick properties cost 2.7 times the price as homes in Stoke (£141,000 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 September

  • Solihull: £343,012
  • West Midlands:£253,624
  • UK: £291,385

Annual change to September

  • Solihull: +2.1%
  • West Midlands: +0.5%
  • UK: -0.1%

Highest and lowest annual growth in West Midlands

  • Cannock Chase: +8.1%
  • Staffordshire Moorlands: -6.9%