The increase is higher than that seen across the rest of the country, with houses in leafy suburbs within the West Midlands now tipping over the million pound mark as well as in more affluent rural areas of Shropshire and Staffordshire.
While the number of £1m homes in the West Midlands has more than tripled, the increase nationally in England and Wales is lower, at 93 per cent in the last 10 years. Research from lettings and estate agent Benham and Reeves found 79 per cent of local authorities have seen at least one £1m sale so far in 2022.
So far this year, 6,732 property purchases have been completed with a price tag of £1m or more. London has had the most at 3,342. For the West Midlands it is 127. Wales has had 26 – a 420 per cent increase on 2012.
While the volume of £1m-plus sales has increased in the last 10 years, the research by Benham and Reeves shows that the average sold price has dropped slightly. In 2012, the average sold price for homes purchased for £1m or more was £1.425m, today it sits at £1.35m – a drop of five per cent. Wales is down nine per cent from £1.35m to £1.22m but the West Midlands has risen five per cent from £1.18m to £1.23m.
Benham and Reeves director Marc von Grundherr, said: “A decade ago, a home was sold for one million pounds or more in just over half of local authorities in England and Wales. So far this year, 79 per cent of areas have seen a home purchased at this price or above and this really demonstrates just how much the market has changed.”
£1million+ homes for sale in Shropshire
Shropshire has an abundance of properties available, if you have a cool million or more in your pocket.
For a little under £3 million - £2950,000 - you could buy Penylan, on the edge of Oswestry. With eight bedrooms and six bathrooms, Penylan is described by estate agents, Knight Frank, as an outstanding country house standing in beautiful gardens and parkland, with magnificent views.
While primarily Georgian, it was greatly extended in the Regency period, drawing upon Italianate Villa style, agents say, and they stress it has been renovated and restored throughout to an exceptional standard.
Near Kinnerley is a 'luxurious country residence' complete with its own, indoor swimming pool and outdoor tennis court. The property in Kinnerley Lane is on the market with Richmond Harvey for £1,850,000.
It has six bedrooms and four bathrooms along with three reception rooms. It also has the benefit to two, one bedroom annexes.
Maybe you would rather live in a town. Then what about the historic Town Walls in Shrewsbury. If you have £1,800,000 you could live in arguably one of the finest addresses in the town, The Crescent. The Grade 2 listed house, on the market with Balfours, has six bedrooms, a formal dining room and a games room. It also has direct access to the River Severn at the bottom of the garden.
If those prices are a little too eye watering, there are several properties on the market for around £1,000,000 in Shropshire.
One of these the modern, Pan Pudding House in Kings Loade, Bridgnorth.
On the market with Berriman Eaton the new home could be yours for 'just' £1,100,000. It is described as an outstanding new home with views and access to riverside walks.
With five bedrooms and five bathroom the house is private, yet so easy into High Town for the convenience of the amenities. The house has good natural light and agents say a versatile layout that could accommodate a live-in relative.