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Nova Scotia

Almost 10 per cent rise in house prices across West Midlands in 2022

Halifax analyzed the house prices in the cities of England and Wales in 2022
Halifax analyzed the house prices in the cities of England and Wales in 2022

A report from Halifax showed house prices rose 9.9 per cent, or £26,801 in cash terms, meaning the value of a typical property has risen to £298,193.

In Wales, prices are up 8.7 per cent, or £20,669, with a typical property costing £257,695.

Birmingham had the highest house price inflation of any area in the West Midlands in 2022. Last year house prices in the city rose 13.8 per cent, or an average of £32,563 in cash.

This means that average property values ​​there have risen to £269,385 over the 12 months to November 2022.

Wolverhampton is also included in sample data released on New Year’s Eve, with Halifax saying house prices have risen 3.4 per cent, or an average of £8,329, since November 2021. The study says the average price of houses is now £250,175.

And in Walsall, there has been price growth of 6.2 per cent since 2021, or an average of £13,993. The Halifax analysis says average house prices are now £239,701.

Telford is also included in the sample date, with price growth of 5.1 per cent, or £12,217 in cash. Halifax says average prices are now £251,554 compared to £239,338 in November 2021.

Kim Kinnaird, Mortgage Director at Halifax, said: “Overall, 2022 was another year of rapid house price increases for most areas in the UK.

“And unlike many years in the past, the list is not dominated by cities in the Southeast.

“While existing homeowners will welcome the increased value of their home, such a leap makes it that much more difficult for those looking to climb the real estate ladder.”

The big picture for 2022 comes as annual growth in UK house prices slowed to 2.8% in December from 4.4% in November, the Nationwide Building Society said.

It was the fourth month in a row that UK property value growth had slowed, according to the monthly report.

Last month, the star reported that average home prices in the region are poised to rise significantly over the next five years, although property values ​​are expected to fall dramatically in 2023, according to a new forecast.

Property expert Savills gave the optimistic forecast for the housing market in Shropshire and Staffordshire.

In the Halifax analysis, York has recorded the highest rate of house price inflation of any city in England and Wales in the country in 2022, according to the analysis.

House prices in the historic city of Yorkshire are up 23.1 per cent, or an average of £69,648 in cash, according to Halifax.

Tom Bill, head of UK housing research at estate agent Knight Frank, said: “This year the ‘flight to the countryside’ trend has slowed while the return to the cities has gained momentum.

“York captures the best of both worlds. Many people have moved to Yorkshire during the pandemic due to family ties and relative affordability compared to areas like the Cotswolds.

This appeal makes areas like Shropshire – ideally situated for travel to and from the West Midlands, Stoke-on-Trent and even Manchester and Liverpool – attractive.

In the period between January and October this year, the postcodes of Market Drayton, Newport, Much Wenlock and the surrounding area saw a 49 per cent increase in second-hand homes priced over £500,000 being put on the market compared to the same period in 2021, according to the data provider TwentyCi.

Peter Daborn of Savills said of Much Wenlock: “Nicely situated between Shrewsbury and Bridgnorth, Much Wenlock is a very traditional town, with a nice mix of historic properties and some more modern developments.

“What struck us is that Much Wenlock is a very popular destination for those wanting to commute to the larger towns in the countryside or the West Midlands but want to make the most of the beautiful Shropshire countryside.”

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