How house prices in Herefordshire balance out

HOUSES prices edged up 0.9% in Herefordshire in July, new figures show.

The boost is contributing to the longer-term trend, which has seen property prices in the region achieve 8% annual growth.

The average house price in Herefordshire in July was £ 258,583, according to cadastral figures, an increase of 0.9% from June.

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During the month, the situation was better than that of the West Midlands, where prices fell 4.9%, and Herefordshire outperformed the decline of 3.7% for the UK as a whole.

Over the past year, the average selling price of a property in Herefordshire has increased by £ 19,000, placing the region 30th out of 34 West Midlands local authorities in annual growth.

The region’s best annual growth was seen in Wyre Forest, where house prices rose on average 19.8% to £ 233,000. At the other end of the scale, Warwick properties gained 2.6% in value, an average price of £ 316,000.

Winners and losers

Homeowners saw the biggest improvement in property prices in Herefordshire in July – they rose 1.7% to an average of £ 121,508. In the past year, prices have increased 4.7%.

Among other types of goods:

Isolated: up 0.4% monthly; up 8.6% per year; Average £ 372,697

Twinned: up 1.4% monthly; up 7.9% per year; £ 239,850 Average

Back-to-back: up 1.1% monthly; up 8% per year; Average £ 179,816

First steps on the property ladder

Herefordshire first-time buyers spent an average of £ 199,000 on their property, which is £ 14,000 more than a year ago and £ 31,000 more than in July 2016.

By comparison, former homeowners paid on average £ 293,000 in July, 47.7% more than first-time buyers.

How do property prices compare in Herefordshire?

Buyers paid 17.1% more than the average West Midlands price (£ 221,000) in July for a property in Herefordshire. In the West Midlands, house prices are roughly the same as in the UK, where the average cost is £ 256,000.

The most expensive properties in the West Midlands were in Stratford-on-Avon – £ 355,000 on average and 1.4 times more than in Herefordshire. Properties in Stratford-on-Avon cost 2.6 times more than homes in Stoke (averaging £ 135,000) at the other end of the scale.

The highest UK house prices were in Kensington and Chelsea, where the average selling price of £ 1.3million in July could buy 13 properties in Burnley (£ 101,000 on average).

Information sheet

Average house price in July

Herefordshire: £ 258,583

West Midlands: £ 220,759

UK: £ 255,535

Annual growth until July

Herefordshire: + 8%

West Midlands: + 8.5%

United Kingdom: + 8%

Best and Worst Annual Growth in the West Midlands

Wyre Forest: + 19.8%

Warwick: + 2.6%

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About Robert Valdivia

Robert Valdivia

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