Shropshire and Mid Wales property price rises buck national trend

The average price of a home has increased in Telford & Wrekin, Shropshire, and Powys over the past 12 months.

The average price in Telford has seen a 6.3 per cent increase since January 2018, with a 0.9 per cent boost in January.

Shropshire's average price actually fell by 1.1 per cent in January, despite seeing a 2.8 per cent rise over the past 12 months.

Prices in Powys have seen a 7.5 per cent rise over the past year, with a 0.7 per cent increase in January.

The latest data from the Office of National Statistics shows that the average property in Telford & Wrekin sold for £167,190 – significantly lower than the UK average of £228,147.

In Shropshire the average property sold for £212,168, while in Powys the price was £191,940.

Across the West Midlands, property prices have risen by four per cent in the last year, to £195,399. The region outperformed the UK as a whole, which saw the average property value increase by 1.7 per cent.

Jump

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.

The average homeowner in Telford and Wrekin will have seen their property jump in value by around £32,000 in the last five years. In Shropshire the increase is £36,000 and in Powys it has been £33,000.

The figures also showed that buyers who made their first step onto the property ladder in Telford and Wrekin in January spent an average of £136,794 – around £26,000 more than it would have cost them five years ago.

In Shropshire those making their first step spent an average of £171,054, and in Powys it was £168,540.

Residential research analyst at estate agent Savills, Lawrence Bowles, said house prices had dropped nationally for the first time in five years. He said: “This month’s ONS house price index shows slowing growth, with UK house prices growing just 1.7 per cent in the year to January 2019. That’s compared to 4.3 per cent growth this time last year.

“Regions in the Midlands and North are still showing robust house price growth.”

The highest prices in December were in London’s Kensington and Chelsea, with an average of £1.41 million, while the lowest was Burnley, where the average property cost just £78,000.