West Midlands On Top For UK House Price Growth
Further evidence of the ongoing appeal of investing in the West Midlands property market shines through in the latest official UK house price statistics.
According to the latest data from the Office of National Statistics (ONS), average house prices in the UK increased by 5.1% in the year to November 2017, with properties across the West Midlands showing the highest annual growth.
The average price of a property across the West Midlands rose by 7.2% over the year to November, dramatically eclipsing London and the North East, both of which experienced a mere 2.3% increase. The next best performing region after the West Midlands was the neighbouring East Midlands, registering 6.4% growth.
The figures show the average UK house price is now £11,000 higher than in November last year, standing at £226,071.
While the news means prices and transactions across the UK are broadly flat, the West Midlands and specifically, Birmingham continues to prove a particularly popular investment location, particularly in comparison to the capital.
Indeed, average prices across London fell to £482,000 in November, down 0.9 per cent on the month before and 1.6 per cent lower than the £490,000 high they reached earlier in 2017.
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We’ve known for some time that property investors are increasingly shunning the capital in favour of better value and stronger returns elsewhere. Birmingham and the West Midlands have been one of the bigger beneficiaries of this capital flight and these latest numbers are a persuasive reminder of the attractiveness of purchasing bricks and mortar across the city and wider region.