Average value of homes in Brum rose to £135,000 in March – up by five per cent
House prices in Birmingham are rising faster than properties in central London – including wealthy Kensington and Chelsea.
New figures show the average cost of a home in the second city rose by more than five cent last month, compared to just three per cent in some of the poshest boroughs in the capital.
Market experts Hometrack says it is the first time since 2005 that it has recorded major cities outside central London out-performing the millionaire hotspots.
The company revealed that the average price of a house in Birmingham in March was £135,000, up 5.2 per cent.
Yet annual price growth in boroughs such as Kensington, Chelsea, Camden, Hammersmith, Fulham and Westminster was as low as three per cent.
The Mail previously told how a staggering 34 properties were sold for more than £1 million in Birmingham in the last 12 months.
The most expensive property is worth an extravagant £2.5 million, located in Edgbaston.The luxurious home includes eight lavish bedrooms, a gym, library, cinema, a body drier and a climate-controlled wine cellar.
We also revealed how a six-bedroomed Edgbaston mansion was the most expensive property sold in Brum last year, going for a cool £1.6 million.
The other major cities where annual price growth is now stronger than in central London are Oxford, Bristol, Sheffield and Manchester.
The growth in property values was holding up “better than expected”, with ultra-low mortgage rates and growing confidence, said Richard Donnell, director of research at Hometrack.
He said: “House price growth is holding up better than expected as a result of a lack of new supply of homes for sale and record low mortgage rates attracting buyers into the market.”
Property website Rightmove also reported this week that across England and Wales, average house sellers’ asking prices reached a new all-time high in April of £286,133.
Average house prices in March
- Oxford, £373,100, up 13.4%
- Bristol, £219,500, 9.7%
- Manchester, £138,700, 6.8%
- Sheffield, £126,100, 6.3%
- Nottingham, £126,600, 5.8%
- Birmingham, £135,000, 5.2%
- Newcastle, £121,800, 5.0%
- Liverpool, £109,900, 3.5%