Shropshire Star

House prices drop in Shropshire – but soar in Mid Wales

House prices dropped across Shropshire in October, although buyers in Mid Wales will have to pay a little more.

Published

Prices dropped 2.3 per cent in October in Telford & Wrekin, despite a 2.2 per cent rise over the last year.

And the rest of Shropshire saw a slight drop as well, with a decline of 0.2 per cent, a small reduction compared to a 4.5 per cent rise over the past 12 months.

The average property sold at £164,836 in Telford in October – significantly lower than the UK average of £231,095 – while Shropshire's average was £214,373.

Prices in Powys have skyrocketed by 11.2 per cent over the last 12 months, including a 3.3 per cent rise in October. The average property in the area sold for £197,226.

Across the West Midlands, property prices have risen by 3.8 per cent in the last year, to £196,073. The region outperformed the UK as whole, which saw the average property value increase by 2.7 per cent.

The data comes from the House Price Index, which the Office of National Statistics compiles using house sale information from the Land Registry.

Analyst

The average homeowner in Telford and Wrekin will have seen their property jump in value by around £28,000 in the last five years, while the value of homes in the rest of Shropshire will have risen £36,000 in the same period.

Powys properties have increased in cost by £33,000 since 2013.

Between September last year and August this year, 5,265 homes were sold in Shropshire, 2,695 homes were sold in Telford and Wrekin and 1,858 homes were sold in Powys.

Frances Clacy, research analyst at estate agents Savills, said: “House prices across the UK increased by an average of 2.7 per cent in the 12 months to October 2018, according to the latest ONS house price index.

"This annual growth figure represents a slowdown when compared to last month.

"We are continuing to see house price growth slow because of the uncertainty surrounding the UK’s negotiations for leaving the EU, as well as tighter lending criteria and increases to mortgage regulation which mean it’s harder for buyers to borrow against their incomes."