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

House prices have risen across the West Midlands by almost 10 per cent in 2022, according to analysis.

House prices across England and Wales's towns and cities in 2022 have been analysed by Halifax
House prices across England and Wales's towns and cities in 2022 have been analysed by Halifax

A report from Halifax found house prices were up 9.9 per cent, or £26,801, on average in cash terms, meaning values of a typical property have risen to £298,193.

In Wales, prices have risen by 8.7 per cent or £20,669, with a typical property £257,695.

Birmingham recorded the strongest house price inflation of areas in the West Midlands region in 2022. Over the past year, house prices in the city have grown by 13.8 per cent or £32,563 on average in cash terms.

It means average property values there have risen to £269,385, in the 12 months to November 2022.

Wolverhampton is also included in sample data which has been released on New Year's Eve, with Halifax saying house prices has seen a 3.4 per cent rise in growth since November 2021 or £8,329 on average. The study says the average price of homes are now £250,175.

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

Telford also features in the sample date, with growth of 5.1 per cent in prices or £12,217 in cash terms, Halifax says average prices now stand at £251,554 compared with £239,338 in November 2021.

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

“And unlike many years in the past, the list isn’t dominated by towns and cities in the South East.

“While existing homeowners will welcome the increased value of their home, such a jump makes it much more challenging for those looking to step on to the property ladder."

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

It was the fourth month in a row where the growth in the value of British properties slowed, the monthly report found.

Last month, the Star reported how average house prices in the region are set to see a significant rise over the next five years, despite property values being expected to fall dramatically in 2023, according to a new forecast.

Property expert Savills gave the upbeat prediction for the housing market in Shropshire and Staffordshire.

In the Halifax analysis, nationally York has recorded the strongest house price inflation across England and Wales’s towns and cities in 2022, according to analysis.

House prices in the historic Yorkshire city have grown by 23.1 per cent, or £69,648 on average in cash terms, Halifax found.

Tom Bill, head of UK residential research at estate agent Knight Frank, said: “This year saw the ‘escape to the country’ trend wind down while the return to towns and cities gathered pace.

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

It's such appeal which makes areas such as 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 of this year, the postcodes of Market Drayton, Newport, Much Wenlock and their surrounding areas saw a 49 per cent increase in second-hand homes priced above £500,000 being brought to the market, compared to the same period in 2021, according to data provider TwentyCi.

On Much Wenlock, Peter Daborn, of Savills, said: "Nicely positioned between Shrewsbury and Bridgnorth, Much Wenlock is a very traditional town that has a lovely mix of historic property along with some more modern development.

“What we have noticed is that Much Wenlock is a very popular destination for those looking to commute to the larger country towns or the West Midlands, but wanting to make the most of Shropshire’s lovely countryside.”

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