June 2019 UK & West Midlands Property Market News
Summer is a period that is traditionally associated with a slowdown in the property market, and the general slowdown across the UK continued in June. Average house prices still increase, but the rate of increase was down to just 0.9%.
This continues the trend that began in mid-2016, with London experiencing the worst growth – prices fell by 2.6% in the year to June 2019 – but for an estate agent and letting agent in Oldbury, the news is much better.
For the whole of England, house prices in this period have experienced an average increase of 0.7%, which has remained steady since May. The two outliers to these figures are the East and West Midlands with growth of 3.2% and 2.6% respectively, making Birmingham and the surrounding areas one of the top areas of property growth.
The average house price in the West Midlands is up by an average of around £1000 to £198,000, with London remaining the most expensive at £467,000. While this is an increase of £10,000 over the previous month’s figures, the high point a year ago was £489,000.
All regions excluding the North East are now averaging higher than their peak before the economic downturn, with average prices in the West Midlands being almost £30,000 higher. For a letting agent in Oldbury, or any local letting agent near me, this represents a higher yield on rental income.
GS Property Estates is an estate and letting agent in Smethwick, with branches in West Bromwich, Birmingham and Oldbury. We can provide you with expert advice on the property market in the local area, taking into account the changes across the UK, and giving an accurate idea of the future market direction.
Data source for all statistics: Office of National Statistics