Solihull house prices increased more than West Midlands average in July

House prices increased by 0.8% – more than the average for West Midlands – in Solihull in July, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 1.1% over the last year.

The average Solihull house price in July was £336,057, Land Registry figures show – a 0.8% increase on June.

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

Over the last year, the average sale price of property in Solihull rose by £3,700 – putting the area 22nd among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in Malvern Hills, where property prices increased on average by 7.1%, to £340,000. At the other end of the scale, properties in Staffordshire Moorlands lost 2.4% of their value, giving an average price of £223,000.

First steps on the property ladder

First-time buyers in Solihull spent an average of £263,500 on their property – £2,000 more than a year ago, and £35,100 more than in July 2018.

By comparison, former owner-occupiers paid £389,500 on average in July – 47.8% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Solihull in July – they increased 0.9%, to £253,817 on average. Over the last year, prices dropped by 0.2%.

Among other types of property:

• Detached: up 0.7% monthly; up 1.8% annually; £588,314 average
• Semi-detached: up 0.8% monthly; up 0.9% annually; £343,851 average
• Flats: up 0.6% monthly; up 1.4% annually; £181,049 average

How do property prices in Solihull compare?

Buyers paid 33.7% more than the average price in West Midlands (£251,000) in July for a property in Solihull. Across West Midlands, property prices are lower than those across the UK, where the average cost is £290,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £385,000 on average, and 1.1 times the price as in Solihull. Stratford-on-Avon properties cost 2.7 times the price as homes in Stoke (£144,000 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 July

• Solihull: £336,057
• West Midlands:£251,313
• UK: £289,824

Annual growth to July

• Solihull: +1.1%
• West Midlands: +0.4%
• UK: +0.6%

Highest and lowest annual growth in West Midlands

• Malvern Hills: +7.1%
• Staffordshire Moorlands: -2.4%