HOUSE prices increased by 2.5% in Wyre Forest in July, the latest figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 1.4% over the last year.

The average Wyre Forest house price in July was £245,829. Land Registry figures show a 2.5% increase on June.

Over the month, the picture was different to that across West Midlands, where prices remained static, and Wyre Forest was above the 0.6% rise for the UK as a whole.

Over the last year, the average sale price of property in Wyre Forest rose by £3,500 – putting the area 21st among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in Stratford-on-Avon, where property prices increased on average by 10.6%, to £393,000. At the other end of the scale, properties in Sandwell lost 1.1% of their value, giving an average price of £203,000.

First steps on the property ladder

First-time buyers in Wyre Forest spent an average of £208,800 on their property – £3,400 more than a year ago, and £44,600 more than in July 2019.

By comparison, former owner-occupiers paid £277,100 on average in July – 32.7% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Wyre Forest in July – they increased 2.6%, to £240,267 on average. Over the last year, prices rose by 2.5%.

Among other types of property:

Detached: up 2.5% monthly; up 0.6% annually; £379,510 average

Terraced: up 2.6% monthly; up 1.9% annually; £192,828 average

Flats: up 2.4% monthly; down 0.6% annually; £127,672 average

How do property prices in Wyre Forest compare?

Buyers paid 3.1% less than the average price in West Midlands (£254,000) in July for a property in Wyre Forest. Across West Midlands, property prices are lower than those across the UK, where the average cost is £290,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £393,000 on average, and 1.6 times the price as in Wyre Forest. Stratford-on-Avon properties cost 2.7 times the price as homes in Stoke (£144,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in July

Wyre Forest: £245,829

West Midlands: £253,707

UK: £289,723

Annual growth to July

Wyre Forest: +1.4%

West Midlands: +2.2%

UK: +2.2%

Highest and lowest annual growth in West Midlands

Stratford-on-Avon: +10.6%

Sandwell: -1.1%