Shropshire house prices rise as UK average falls
Average house prices in the UK fell by 0.8 per cent from January to February, but Shropshire bucked the trend to record a rise.
The latest UK house price index shows that in Telford and Wrekin average prices were up 5.1 per cent in the year to £165,800 with Shropshire experiencing a three per cent rise to £213,390.
House prices grew fastest for the year in Wales increasing by 4.1 per cent while prices in London fell by 3.8 per cent over the year to February.
The West Midlands experienced an 0.4 per cent rise on the month to £196,152 while other areas in the country recorded drops.
The new figures for February from the Office for national Statistics and HM Land Registry show an 0.6 per cent rise on the year to £226,234.
That is still the lowest annual growth for the UK since September 2012 and slowing down sharply from a 1.7 per cent annual increase in January. However, again the West Midlands performed well in comparison.
Uncertainty
The report said that over the past two years, there has been a slowdown in UK house price growth, driven mainly by a slowdown in the south and east of England and uncertainty over Brexit. The West Midlands saw a 2.9 per cent annual increase and Sandwell was the property hot spot for the year experiencing the biggest rise in average prices of 5.4 per cent to £148,607, although the latest monthly figure for number of properties sold in the borough for December was down.
All areas saw a decline in sale numbers in December except for South Staffordshire, up from 131 to 132 and Wyre Forest.
The highest average price in February was in Lichfield at £248,354 – up 3.4 per cent on the year followed by South Staffordshire – up 1.4 per cent to £233,527.
Howard Archer, chief economic adviser at the Independent Treasury Economic Model Club, said the figures “very much fuel the overall impression that the housing market is being hampered as buyer caution amid already challenging conditions is being reinforced by recent heightened Brexit and economic uncertainties – although there are significant variations across regions with the overall picture being dragged down by the weakness in London and the South East. We suspect house prices will rise only one per cent over the year and would not be at all surprised if they stagnate.”
