Solihull house prices increased slightly in January

House prices increased slightly, by 0.6%, in Solihull in January, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 5.6% annual growth.

The average Solihull house price in January was £313,768, Land Registry figures show – a 0.6% increase on December.

Over the month, the picture was better than that across West Midlands, where prices decreased 0.1%, and Solihull outperformed the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in Solihull rose by £17,000 – putting the area 29th among West Midlands’s 30 local authorities with price data for annual growth.

The best annual growth in the region was in Nuneaton and Bedworth, where property prices increased on average by 20.7%, to £227,000. At the other end of the scale, properties in Walsall gained just 4.7% in value, giving an average price of £189,000.

Winners and Losers

Owners of flats saw the biggest improvement in property prices in Solihull in January – they increased 0.8%, to £170,432 on average. Over the last year, prices rose by 1.5%.

Among other types of property:

Detached: up 0.1% monthly; up 8.6% annually; £551,762 averageSemi-detached: up 0.7% monthly; up 6.1% annually; £320,517 averageTerraced: up 0.8% monthly; up 4.1% annually; £235,258 average

First steps on the property ladder

First-time buyers in Solihull spent an average of £246,000 on their property – £11,000 more than a year ago, and £38,000 more than in January 2017.

By comparison, former owner-occupiers paid £364,000 on average in January – 48.1% more than first-time buyers.

How do property prices in Solihull compare?

Buyers paid 33.1% more than the average price in West Midlands (£236,000) in January for a property in Solihull. Across West Midlands, property prices are high compared to those across the UK, where the average cost £274,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £364,000 on average, and 1.2 times as much as more than in Solihull. Stratford-on-Avon properties cost 2.7 times as much as homes in Stoke (£137,000 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 January

Solihull: £313,768West Midlands:£235,809UK: £273,762

Annual growth to January

Solihull: +5.6%West Midlands: +10.3%UK: +9.6%

Best and worst annual growth in West Midlands

Nuneaton and Bedworth: +20.7%Walsall: +4.7%