Solihull house prices increased slightly in August

By Andrew Dowdeswell, Data Reporter
Published 18th Oct 2023, 16:36 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 slightly, by 0.2%, in Solihull in August, new figures show.

House prices increased slightly, by 0.2%, in Solihull in August, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 0.7% over the last year.

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The average Solihull house price in August was £340,290, Land Registry figures show – a 0.2% increase on July.

Over the month, the picture was similar to that across West Midlands, where prices increased 0.5%, and Solihull was lower than the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Solihull rose by £2,500 – 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 North Warwickshire, where property prices increased on average by 8.2%, to £271,000. At the other end of the scale, properties in Staffordshire Moorlands lost 5% of their value, giving an average price of £220,000.

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First steps on the property ladder

First-time buyers in Solihull spent an average of £266,700 on their property – £1,000 more than a year ago, and £42,000 more than in August 2018.

By comparison, former owner-occupiers paid £394,600 on average in August – 47.9% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Solihull in August – they increased 0.4%, to £596,380 on average. Over the last year, prices rose by 1.7%.

Among other types of property:

Semi-detached:
Terraced:
Flats:

How do property prices in Solihull compare?

Buyers paid 34.2% more than the average price in West Midlands (£254,000) in August 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 Stratford-on-Avon – £384,000 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 (£141,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea (£1.4 million).

Factfile

Average property price in August

  • Solihull: £340,290
  • West Midlands:£253,519
  • UK: £291,044

Annual growth to August

  • Solihull: +0.7%
  • West Midlands: +1.1%
  • UK: +0.2%

Highest and lowest annual growth in West Midlands

  • North Warwickshire: +8.2%
  • Staffordshire Moorlands: -5%