House prices in Shropshire and Powys increase

Prices in Shropshire crept up by 0.6 per cent, contributing to a three per cent rise over the last 12 months.

Elsewhere, house prices in Telford and Wrekin rose by 0.9 per cent, contributing to a 4.3 per cent rise over the last year.

In Powys, prices increased by 1.7 per cent, contributing to a 9.5 per cent rise over the last 12 months.

The latest data from the Office of National Statistics shows that the average property in Shropshire sold for £207,838 – below the UK average of £226,351.

The average homeowner in Shropshire will have seen their property jump in value by around £32,000 in the last five years.

The figures also showed that buyers who made their first step onto the property ladder in Shropshire in May spent an average of £167,763 – around £25,000 more than it would have cost them five years ago.

In Telford and Wrekin the average property in the area sold for £161,220.

The average homeowner in Telford and Wrekin will also have seen their property jump in value by around £30,000 in the last five years.

The figures showed that first time buyers in Telford & Wrekin in May spent an average of £132,088 – around £24,000 more than it would have cost them five years ago.

Across the West Midlands, property prices have risen by five per cent in the last year, to £192,322.

Meanwhile, in Powys, the average property in the area sold for £184,822.

Powys saw the 19th largest average price increase of any authority in the UK over the last 12 months, and the average homeowner will have seen their property go up in value by around £29,000 in the last five years.

The figures also showed that buyers who made their first step on to the property ladder in Powys in May spent an average of £162,288 – around £25,000 more than it would have cost them five years ago.

Across Wales, property prices have risen by one per cent in the last year, to £148,894.

Lawrence Bowles, the associate director of the research team at the estate agents Savills, said: "The standout performers are the East and West Midlands. We've seen a strong performance in both those areas – the West Midlands has slipped to second place, but prices there have still grown five per cent in the last year.

"At the other end of the spectrum we have London. We have seen prices eking up very slowly over the last month, but would expect to see a larger seasonal rise around this time of year."

Richard Snook, senior economist at PwC, said forecasts suggest the average UK house price could rise to around £285,000 by 2025.

He added: "In our regional forecasts we predict price falls in London in 2018 and 2019 of 1.7 per cent and 0.2 per cent respectively."

The data comes from the House Price Index, which the ONS compiles using house sale information from the Land Registry, and the equivalent bodies in Scotland and Northern Ireland.