House prices up £12,000 in West Midlands
The Office for National Statistics has reported that house prices in the West Midlands were £12,000 higher in December 2016 than at the start of the year.
With a rise of 7.2% across the UK, Birmingham saw an above average rise of 7.7%, with average house prices reaching £165,249 at the end of 2016, the equivalent of £32 a day. However, out of all the regions in the West Midlands, it was Walsall and Solihull that had the biggest percentage rise of 8.2% in Walsall, a rise in value of £54 a day, totalling £19,781 for the year for Solihull.
Other areas across the west midlands that saw prices rise were:
Wolverhampton = 7.4%
Dudley = 5.1%
Sandwell = 4.3%
Surprisingly the biggest rise in UK house prices for 2016 were in the Shetland islands at 26.1%, with prices reaching an average of £179,000 by the end of 2016. The lowest price growth for the year was in the city of Aberdeen, where house prices fell by 9.8%.
In Birmingham, one particular street has seen house prices grow by 39% over the last year. Temple street in the city centre, home to trendy bars and restaurants, has seen its apartment style properties go up in value from £119,000 to £164,950. Streets in Hampton- in-Arden and Solihull have also seen property prices increase to an average of £362,000, with the most expensive postcode again falling in Solihull at £420,000.
Annual rents across the region also increased, rising by 12% for the West Midlands, something that is set to continue to rise throughout 2017.