How much have house prices risen in the West Midlands in 2016?
02-14-2017
Out of everywhere in the West Midlands, Walsall saw the biggest percentage rise in prices
By Claire MillerAdam Learoyd
Birmingham's cheapest places to buy in 2016
In Birmingham, the average price was £165,249 in December 2016, a rise of 7,7% or £11,801 in a year, the equivalent of prices rising £32 a day.
Out of everywhere in the West Midlands, Walsall saw the biggest percentage rise in prices - up 8.2% from last year, totalling an average of £149, 268.
Solihull saw the biggest rise in terms of total value, rising an impressive £54 a day and a total £19, 781.
Sandwell saw the smallest rise in prices at a rise of just 4.3%.
House prices across the UK rose by 7.2%, so Birmingham isn’t far off the national average.
This continues the strong growth we have seen since 2011 - although, annual growth was weaker in the second half of 2016 compared with the first half of the year.
It remains to be seen if prices will continue to rise across to 2017, or we will begin to see some slowdown in house prices.
The average UK home price was £220,000 in December 2016.
This is £15,000 higher than in December 2015 and £3,000 higher than last month's.
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The main contribution to the increase in the UK came from England, where house prices increased by 7.7% over the year - showing again that the rise in Birmingham house prices wasn’t out of the ordinary.
Wales saw house prices increases by 4.7% over the last 12 months to stand at £148,000 and in Scotland house prices rose by 3.6%.
Northern Ireland currently stands at £125,000, an increase of 5.7% over the last 12 months.
On a regional basis, London continues to outdo all over regions in terms of house price - with an average of £484, 000.
The local authority showing the largest annual growth in the year to December 2016 was the Shetland Islands, where prices increased by 26.1% to stand at £179,000.
Low numbers of sales transactions in some local authorities, such as the Shetland Islands, can lead to volatility in the series.
The lowest annual growth was recorded in the City of Aberdeen, where prices fell by 9.8% to stand at £168,000.
In December 2016, the most expensive borough to live in was Kensington and Chelsea, where the cost of an average house was £1.3 million.
In contrast, the cheapest area to purchase a property was Burnley, where an average house cost £74,000.