The West Midlands has become one of the regional powerhouses of the UK property market, showing consistent growth and home to the highest asking price outside of London and the South.
Local Birmingham estate agent, Barrows and Forrester, has taken a look at which postcode pockets of the region have been driving the market at the top-end, based on sales of £1m and above over the last 12-months.
The average transaction for homes above the £1m mark in the West Midlands sits at £1.205m over the last 12 months, not that far behind London (£1.38m).
Warwick Road in the B93 postcode of Solihull ranks top when it comes to the most expensive sale over the last 12-months. A detached home on the road sold for £2.2m making it the most expensive registered property transaction in the region, with nearby Temple Road also seeing a detached house sell for £2.1m.
However, it’s the B15 postcode that ranks as the most prestigious pocket of the West Midlands property market. Spanning parts of Westside and Edgbaston, and home to the Birmingham Botanical Gardens and the University of Birmingham, the average sold price for property transactions over £1m sits at £1,350,000 over the last year.
To the South East, Solihull’s B91 postcode is the region’s next £1m+ property hotspot with an average sold price of £1,287,500 over the last year, with Sutton Coldfield’s B74 postcode ranking as the third most expensive (£1,275,000).
The DY8 postcode in Stourbridge (£1.25m) is the first to rank outside of the B postcode district, with B94 (£1.195m), B75 (£1.190m), B93 (£1.175m) and B92 (£1.110m) also amongst the top £1m+ property price postcodes.
Coventry’s CV4 postcode is the only other one to rank outside of the B postcode district with an average sold price of £1.110m for transactions above £1m, with B13 (£1.1m), B17 (£1.086m), B73 (£1.050m) and B90 (£1,050m) also making the list.
Managing Director of Barrows and Forrester, James Forrester, commented:
“The property market in the West Midlands is alive and well, and some may argue that the Midlands as a whole has been the driving force of the UK market in recent months.
Particularly during the prolonged period of political uncertainty caused by Brexit, the region continued to perform well with a healthy level of transactions and consistent, but not excessive price growth.
This is because we’re a lot more grounded in the Midlands compared to our homeowning counterparts to the south. We don’t get carried away with the value of bricks and mortar, and we don’t stick our heads in the sand due to marginal price reduction, stalling the market in the hope of turning a more substantial profit further down the road.
As a result, the West Midlands property market is built on sensible foundations and at the top end, a one million pound house is still a million-pound house. Not a shoebox with a shower in the kitchen, as this research demonstrates.”
|Median sold price for all transactions over £1m in the last 12 months|
|Location||Median Sold Price|
|England and Wales (all)||£1,325,000|
|England and Wales (excluding London)||£1,260,000|
|Most expensive postcodes in the West Midlands based on median sold price over £1m+ in the last 12 months|
|Outcode||Median Sold Price|
|Most expensive property sales in the West Midlands over the last 12 months|
|£2,200,000||B93||D||WARWICK ROAD||SOLIHULL||SOLIHULL||WEST MIDLANDS|
|£2,100,000||B93||D||TEMPLE ROAD||SOLIHULL||SOLIHULL||WEST MIDLANDS|
|£1,995,000||B74||D||FOUR OAKS ROAD||SUTTON COLDFIELD||BIRMINGHAM||WEST MIDLANDS|
|£1,800,000||B93||D||KNOWLE WOOD ROAD||SOLIHULL||SOLIHULL||WEST MIDLANDS|
|£1,700,000||B15||D||AUGUSTUS ROAD||BIRMINGHAM||BIRMINGHAM||WEST MIDLANDS|
|£1,625,000||B91||D||WIDNEY MANOR ROAD||SOLIHULL||SOLIHULL||WEST MIDLANDS|
|£1,550,000||B74||D||BEACONSFIELD ROAD||SUTTON COLDFIELD||BIRMINGHAM||WEST MIDLANDS|
|£1,500,000||B91||D||NEWCOURT GARDENS||SOLIHULL||SOLIHULL||WEST MIDLANDS|
|£1,500,000||DY8||D||RACECOURSE LANE||STOURBRIDGE||DUDLEY||WEST MIDLANDS|
|£1,475,000||B15||D||ST GEORGES CLOSE||BIRMINGHAM||BIRMINGHAM||WEST MIDLANDS|