The average price of a home in the West Midlands is on the rise.
Average house prices hit a new record high of £211,000 in the West Midlands after leaping by 7.1 per cent over the previous year, according to official figures. Property value growth in the region kept pace with the UK average, according to the Office for National Statistics, by reaching a new peak.
The ONS report said that the 7.7 per cent annual rate of price growth seen across the UK was the fastest annual increase seen since March 2015. It said that property values were continuing to “grow strongly”. The report said. “Upward price pressures may be a result of a shortage of supply and strengthening demand in the housing market.”
House building on the rise
In the recent Autumn budget, the Chancellor imposed a three percentage point stamp duty hike for buy-to-let investors, which is set to come into force from April. As a consequence the heat is set to rise in the buy-to-let and second home market in the short-term, as buyers rush to complete before the changes to stamp duty kick in in April. The belief in the market place is that house prices will see solid increases over the coming months.