Shropshire housing market losing steam, but Telford hits fresh highs
Shropshire's property market appears to be losing steam after the slowest rate of house price growth in almost two years.
But the market in Telford appears buoyant, data compiled by the Land Registry and the Office for National Statistics shows, with prices accelerating.
Prices in Shropshire fell below the £200,000 mark in February, leaving the average property's value at £199,935.
That followed a 1.33 per cent monthly decline in prices.
The figure was 2.77 per cent higher than a year before – but that was the slowest rate of annual growth since June 2015, when the increase clocked in at 2.51 per cent.
The contrast with Telford & Wrekin's market is pronounced, after the borough notched up a record high average property price in the same month.
The typical Telford property now costs £158,242 following a 2.88 per cent monthly increase between January and February.
It leaves selling prices in Telford 6.71 per cent ahead of a year ago. The increase took Telford past its pre-recession house price peak of £155,609, set shortly before the housing market crash in June 2008, for the first time.
Bill Brookes, from Shropshire estate agents DB Roberts, said the figures did not necessarily reflect a fall in demand in Shropshire.
"There doesn't seem to be any indication of a reduction in demand," he said.
"Average prices in Shrewsbury in particular are always higher than in Telford so if you're looking at affordability relative to earnings determining what you can borrow, there's a bit more room for prices to grow in Telford.
"If you're starting from a lower point there's a bit more margin for prices to increase."
The figures also means Telford's house price growth is in the unusual situation of being faster than England's as a whole, after a 6.3 per cent increase in the national average in February to leave the typical property worth £234,466.
A pronounced drop-off in the rate of growth in London has contributed to the national slowdown.
The typical property in Wales is now worth £145,294 after a 1.8 per cent year-on-year increase, and a 0.9 per cent fall between January and February.
Powys has been one of the areas with quicker growth, having seen prices rise by five per cent to £170,246 over the last year.
UK property values increased by 5.8 per cent year-on-year to reach a record of £218,000.
The annual increase is slower than the average growth of 7.3 per cent seen in 2016. Property values edged up by 0.6 per cent month on month in February.
