Solihull house prices increased more than West Midlands average in March

House prices increased by 1.5% – more than the average for West Midlands – in Solihull in March, new figures show.

File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.
File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.

House prices increased by 1.5% – more than the average for West Midlands – in Solihull in March, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 8.1% annual growth.

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The average Solihull house price in March was £324,425, Land Registry figures show – a 1.5% increase on February.

Over the month, the picture was similar to that across West Midlands, where prices increased 1.1%, and Solihull outperformed the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Solihull rose by £24,000 – putting the area 25th among West Midlands’s 30 local authorities with price data for annual growth.

The best annual growth in the region was in Herefordshire, where property prices increased on average by 15.2%, to £297,000. At the other end of the scale, properties in Staffordshire Moorlands gained just 6% in value, giving an average price of £215,000.

Winners and Losers

Owners of semi-detached houses saw the biggest improvement in property prices in Solihull in March – they increased 1.7%, to £331,463 on average. Over the last year, prices rose by 8.7%.

Among other types of property:

Detached: up 1.5% monthly; up 11.2% annually; £570,216 averageTerraced: up 1.3% monthly; up 6.3% annually; £243,646 averageFlats: up 1.2% monthly; up 4.1% annually; £175,904 average

First steps on the property ladder

First-time buyers in Solihull spent an average of £255,000 on their property – £17,000 more than a year ago, and £48,000 more than in March 2017.

By comparison, former owner-occupiers paid £376,000 on average in March – 47.5% more than first-time buyers.

How do property prices in Solihull compare?

Buyers paid 34.9% more than the average price in West Midlands (£241,000) in March for a property in Solihull. Across West Midlands, property prices are high compared to those across the UK, where the average cost £278,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £366,000 on average, and 1.1 times as much as more than in Solihull. Stratford-on-Avon properties cost 2.7 times as much as homes in Stoke (£136,000 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 March

Solihull: £324,425West Midlands:£240,528UK: £278,436

Annual growth to March

Solihull: +8.1%West Midlands: +10.3%UK: +9.8%

Best and worst annual growth in West Midlands

Herefordshire: +15.2%Staffordshire Moorlands: +6%