County property prices rise more than the West Midlands
House prices in the county increased more than the West Midlands Average in July, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the Telford & Wrekin area grow by 5.2 per cent over the last year, with a 1.5 per cent rise in the Shropshire Council area.
But, across the border, in Powys prices have dropped by 0.2 per cent over the last year.
The average Shropshire house price in July was £278,958, Land Registry figures show – a 1.5 per cent increase on June.
For Telford & Wrekin is was £225,099 – a 1.4 per cent increase on the month before, while Powys recorded an average home at £244,315, a 0.7 per cent rise.
Over the month, the picture was different to that across West Midlands, where prices increased 0.2 per cent, and Shropshire and Telford & Wrekin were above the 0.5 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Shropshire rose by £4,200 – putting the area 17th among West Midlands’s 30 local authorities with price data for annual growth.
For Telford and Wrekin it rose by £11,000 – putting the area third among West Midlands’s authorities.
In Powys the last year has seen the average sale price of property fall by £370 – putting the area 14th among Wales’s 22 local authorities.
The highest annual growth in the West Midlands was in Malvern Hills, where property prices increased on average by 7.1 per cent, to £340,000. At the other end of the scale, properties in Staffordshire Moorlands lost 2.4 per cent of their value, giving an average price of £223,000.
First-time buyers in Shropshire spent an average of £222,900 on their property – £2,700 more than a year ago, and £52,100 more than in July 2018.
By comparison, former owner-occupiers paid £314,000 on average in July – 40.8 per cent more than first-time buyers.
In Telford & Wrekin first-time buyers spent an average of £183,200 on a home – £8,300 more than a year ago, and £50,100 more than in July 2018.
Former owner-occupiers paid £255,800 on average in July – 39.6 per cent more than first-time buyers.
In Powys first-time buyers spent an average of £213,400 on a property – £1,200 less than 12 months before, but £53,600 more than in July 2018.
Former owner-occupiers paid £273,900 on average in July – 28.4 per cent more than those purchasing their first home.
In Shropshire owners of detached houses saw the biggest rise in property prices in Shropshire in July – they increased 1.6 per cent, to £411,883 on average. Over the last year, prices rose by 2.1 per cent.
For Telford & Wrekin it was owners of terraced houses who saw the biggest rise in property prices in July – they went up 1.6 per cent, to £170,436 on average, while over the last year, they have gone up by 3.8 per cent.
In Mid Wales owners of detached houses saw the biggest rise in July – they increased 0.8 per cent, to £329,227 on average, and over the last year, the prices have risen by 0.3 per cent.
Buyers paid 11 per cent more than the average price in West Midlands (£251,000) in July for a property in Shropshire.
In Telford & Wrekin the figure was 10.4 per cent less.
Across West Midlands, property prices are lower than those across the UK, where the average cost is £290,000.
The most expensive properties in West Midlands were in Stratford-on-Avon – £385,000 on average, and 1.4 times the price as in Shropshire, and 1.7 times the price for Telford & Wrekin.
Stratford-on-Avon properties cost 2.7 times the price as homes in Stoke (£144,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.