Is the housing market slowing down? Figures show West Midlands monthly price fall
House prices edged down in the West Midlands during the summer according to Government data.
The situation in Shropshire is not separated from the other parts of the region in the UK House Price Index for August 2022 but the region as a whole saw what is described as the "lowest monthly price growth, with a movement of (minus) -0.2 per cent.
In the year from August 2021 however homeowners across the region have seen a near 14 per cent increase in the average value of their homes, to a price of £255,202.
As far as repossessions go, there were six in the region in August 2022.
In Wales average house prices rose by 0.2 per cent in the month from July 2022. An annual price rise of 14.6 per cent takes the average property value in Wales to £220,059. There were five repossession sales for Wales in August 2022.
Across the country as a whole there are signs of a slow down.
A spokesman for the Land Registry said: "UK house prices increased by 13.6 per cent in the year to August 2022, down from 16 per cent in July 2022.
"On a non-seasonally adjusted basis, average house prices in the UK increased by 0.9 per cent between July and August 2022, down from an increase of 3 per cent during the same period a year earlier (July and August 2021)."
The UK HPI reflects the final transaction price for sales of residential property.
It covers purchases at market value for owner-occupation and buy-to-let, excluding those purchases not at market value, such as re-mortgages, where the ‘price’ represents a valuation.
The Land Registry points out that the "housing market has been extremely active in the past two years" and that has had an impact on their data that means it could be revised.
They say the increased market activity has impacted on data services and "this release of the UK House Price index is subject to revisions as we add more data in the coming months."
