House price growth slows to zero across the West Midlands region

House price increases in the West Midlands and Shropshire have been grinding to a halt.

As cost of living concerns rise in people's thoughts with inflation passing the 10 per cent mark, and with enormous fuel price increases due in the autumn, the UK House Price Index for June 2022 says there was no overall price increase in the West Midlands in June.

The Land Registry's UK House Price Index is released monthly and shows house price changes for England, Scotland, Wales and Northern Ireland.

In the West Midlands June data, which was released on Wednesday, there was a zero price increase in the month from May to June.

But in the year to June prices rose by 6.6 per cent to reach an average of £246,114.

In England as a whole it is the same pattern with an annual price rise of 7.3 per cent slowing to 0.9 per cent.

But there is no evidence yet of large numbers of people having their homes repossessed. In April across the whole of the West Midlands there were two repossessions.

In Wales an annual price rise of 8.6 per cent has slowed to 0.6 per cent. There were two repossessions across the country in April 2022.

A spokesman for the Land Registry said: "UK house prices increased by 7.8 per cent in the year to June 2022, down from 12.8 per cent in May 2022.

"On a non-seasonally adjusted basis, average house prices in the UK increased by 1 per cebt between May and June 2022, down from an increase of 5.7 per cent during the same period a year earlier (May and June 2021)."

House price growth was strongest in the East of England where prices increased by 9.7 per cent in the year to June 2022. The lowest annual growth was in North East, where prices increased by 3.6 per cent in the year to June 2022.

The Royal Institution of Chartered Surveyors’ (RICS’) June 2022 UK Residential Market Survey reported that results point to a softening in demand.

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