October 2019 UK & West Midlands Property Market News
The average house prices in the UK continued to increase in October 2019, but the effects of the slowdown are still evident. The overall average increase was just 0.7%, which is the lowest growth experienced since September 2012.
Growth continued in the West Midlands (0.2%) but decreases were experienced in London (-1.6%) and the North East (-1.1%). Although this continues the trend for London, properties in the area are valued at an average price of £472,232 – in the West Midlands, this figure is £198,345.
The average price across the whole of the UK is £233,000, which makes Birmingham and the surrounding areas a great place to invest in. With prices below the national average but still experiencing growth, there is a clear opportunity. The peak price was £235,000 as recorded in September 2019 and there is still potential for the record to be broken over the coming months.
House Prices Rise In Wales
House price growth is highest in Wales with an increase of 3.3% over the last 12 months. However, house prices are around £70,000 less than the national average. Even with the slowdown effect, all regions are now averaging higher than the peak that was experienced prior to the economic downturn, and growth outside of London continues.
If you’re looking for expert advice on the property market in the West Midlands. Then GS Property Estates is an estate and letting agent in Birmingham with several local branches. We monitor both the local and national property market. Along with providing assistance and advice to help you get the most out of your property and property investments.
Data source for all statistics: Office of National Statistics