HOUSE prices increased by 2.8% – more than the average for the West Midlands – in Herefordshire in December, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 12.9% annual growth – the highest in the West Midlands.
The average Herefordshire house price in December was £269,024, Land Registry figures show – a 2.8% increase on November.
Over the month, the picture was better than that across the West Midlands, where prices increased 1.9%, and Herefordshire outperformed the 1.2% rise for the UK as a whole.
Over the last year, the average sale price of property in Herefordshire rose by £31,000 – putting the area top among the West Midlands’s 34 local authorities for annual growth.
At the other end of the scale, properties in Worcester gained 3.3% in value, giving an average price of £220,000.
Winners and Losers
Owners of flats saw the biggest improvement in property prices in Herefordshire in December – they increased 3.3%, to £126,550 on average. Over the last year, prices rose by 8.5%.
Among other types of property:
Detached: up 2.7% monthly; up 14.1% annually; £389,885 average
Semi-detached: up 2.6% monthly; up 12.3% annually; £247,972 average
Terraced: up 3% monthly; up 12.7% annually; £186,342 average
First steps on the property ladder
First-time buyers in Herefordshire spent an average of £206,000 on their property – £22,000 more than a year ago, and £41,000 more than in November 2015.
By comparison, former owner-occupiers paid £306,000 on average in December – 48.8% more than first-time buyers.
How do property prices in Herefordshire compare?
Buyers paid 24% more than the average price in the West Midlands (£217,000) in December for a property in Herefordshire. Across the West Midlands, property prices are higher than those across the UK, where the average cost £252,000.
The most expensive properties in the West Midlands were in Stratford-on-Avon – £342,000 on average, and 1.3 times as much as in Herefordshire. Stratford-on-Avon properties cost 2.8 times as much as homes in Stoke (£123,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average December sale price of £1.3 million could buy 13 properties in Burnley (average £98,000).
Factfile
Average property price in December
Herefordshire: £269,024
The West Midlands: £216,950
UK: £251,500
Annual growth to December
Herefordshire: +12.9%
The West Midlands: +9.4%
UK: +8.5%
Best and worst annual growth in the West Midlands
Herefordshire: +12.9%
Worcester: +3.3%
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