House prices in Birmingham are growing at their slowest rate in more than two years.
Property price growth across the º£½ÇÊÓƵ has been slowing since the June 2016, and Birmingham appears to also be seeing smaller increases.
In the year to June, house prices in Birmingham grew by 5.6%, this was the slowest annual growth rate since December 2015, when annual growth was also 5.6%
The average house price in Birmingham was £181,241 in June, compared to £171,622 a year before.
Prices in Dudley rose by 4.4% in the year to June, to an average of £167,819 - prices were rising as fast as 7.1% a year in April, while prices in Coventry are growing at 6.9% a year, to an average of £184,690 in June, with growth having slowed from 11% in the year to March, and price growth in Walsall was 7.3% in the year to June, down compared to 8.7% annual growth in March.
However, other parts of the West Midlands are still seeing prices soar. In Sandwell, prices were up 11.9% in a year, to an average of £150,756 in June, the first time prices in the area have topped £150,000. This is the biggest annual growth rate since 14.4% annual growth in the year to March 2005.
In Solihull, prices were up 8.9% in a year, the fastest annual growth since 9.1% in October 2016.
Average house prices in the º£½ÇÊÓƵ have increased by 3.0% in the year to June 2018 (down from 3.5% in May 2018). This is its lowest annual rate since August 2013 when it was also 3.0%. The annual growth rate has slowed since mid-2016 and has remained under 5%, with the exception of October 2017, throughout 2017 and into 2018.
This slowdown in º£½ÇÊÓƵ house price growth over the past two years is driven mainly by a slowdown in the south and east of England. The lowest annual growth was in London, where prices decreased by 0.7% over the year, down from negative 0.2%.
The average º£½ÇÊÓƵ house price was £228,000 in June 2018. This is £6,000 higher than in June 2017 and £1,000 higher than last month.
On a seasonally adjusted basis, average house prices in the º£½ÇÊÓƵ were unchanged (0.0%) between May 2018 and June 2018, compared with an increase of 0.5% in average prices during the same period a year earlier (May 2017 and June 2017).
Across the º£½ÇÊÓƵ, all houses showed an increase in average price in June 2018 when compared with the same month in the previous year. Semi-detached houses showed the biggest increase, rising by 4.4% in the year to June 2018 to £216,000.
The average price of flats and maisonettes increased by 0.5% in the year to June 2018, to £204,000, the lowest annual growth of all property types. Weaker growth in º£½ÇÊÓƵ flats and maisonettes was driven by negative annual growth in London for this property type. London accounts for around 25% of all º£½ÇÊÓƵ flats and maisonette sales.
