Shropshire house prices rising more than regional average

New figures show that house prices across the county have increased more than the West Midlands average since summer.

The boost contributes to the longer-term trend which has seen property prices in the area achieve 6.2 percent annual growth in Shropshire and 4.8 per cent in Telford and Wrekin.

Land Registry figures show that the average Shropshire house price in September was £228,141 - a 3.4 per cent increase on the previous month out performing a 1.7 per cent UK rise.

Across the West Midlands overall prices increased by 1.3 per cent.

Over the last year the average sale price of property in Shropshire rose by £13,000 putting the area third among the region’s 30 local authorities for annual growth.

In Telford and Wrekin the average house price for the same month was £175,038 - a 2.2 per cent increase on August. The average sale price in the borough rose by £8,000 putting the area ninth.

Owners of detached houses saw the biggest improvement in property prices in the county with Shropshire seeing a 3.9 per cent increase to £331,540 on average. Over the last year, prices rose by 6.8 per cent.

First-time buyers spent an average of £​183,000 on their property - £10,000 more than a year ago.

In Telford and Wrekin in September – the prices of detached houses increased 2.7 per cent to £271,097. Over the last year prices rose by 5.1 per cent. First-time buyers here spent an average of £​143,200 on their property - ​£6,300 more than a year ago.

Shift

Among the purchasers were London couple Philip and Dee Rand who snapped up a rundown two-bedroom cottage, in Aston, in excess of the £200,000 asking price after it attracted 14 bids and 60 online queries.

Paul Madeley, of Much Wenlock-based Madeleys Chartered Surveyors, who marketed the cottage said housebuyers who have been working from home since lockdown were rethinking their property options.

"People have found Shropshire during lockdown and are looking for properties with space. From talking to the estate agent we deal with it seems that this trend it also happening at the newer developments.

"They have found they can work from home, but need more space. There is a shift with people looking to move from the south and from the Birmingham conurbation into the county as they can get more for their money."

The best annual growth in the region was in Cannock Chase in neighbouring Staffordshire where properties increased on average by 9.5 per cent to £185,000. At the other end of the scale properties in Coventry dropped 0.3 per cent in value, giving an average price of £189,000.

The most expensive properties in the West Midlands were in Stratford-on-Avon at £324,000 on average. Regional property prices are lower when compared to the average £245,000 UK cost.

Kensington and Chelsea held the highest prices where the average September sale price was £1.3 million.

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