Birmingham is experiencing a property boom – as house prices are rising at three times the national average rate.
New data from HM Land Registry shows that the price of an average house in our area was £188,254 at the start of this year.
That’s a 5.8 per cent rise compared to the same time in 2018, when the figure stood at £177,993 – meaning the average homeowner will have gained £10,261 over the period.
In the West Midlands as a whole, the value of detached houses rose the most over the year – by 6.1 per cent.
Meanwhile, the value of flats rose by 3.7 per cent in the region in the 12 months to January.
Nationally, house prices in the United Kingdom rose by 1.7 per cent in the year to January.
The rate of increase was down slightly from 2.2 per cent in the year to December, and 4.7 per cent in the year to January 2018.
The Office for National Statistics said that slowdown in the housing market was mainly due to prices falling in the South.
The Midlands has seen house prices rise the fastest – up 4.2 per cent, while in Northern England, houses are worth roughly 2.8 per cent more than they were a year ago.
However, house prices in the South have fallen by 0.2 per cent on average over the year.
Houses in London are still worth far more than those in other parts of the country – despite a 1.6 per cent fall in value over the last year.
An average property in the capital will set you back £472,230.
That’s compared to £321,174 in the South East (the second most expensive part of the country), and £125,233 in the North East (the cheapest region).
Property prices in the North East are the only ones not to have reached their pre-recession peak.