While the national average cost of buying a house has increased by 5 per cent, the increase in Birmingham was higher, at 6 per cent. Other areas such as Solihull and Wolverhampton also increased, at 8 per cent and 7 per cent respectively. Conversely Dudley only saw in increase of 4 per cent in the past year, lower than the national average. This means those buying houses may see an increase of 8k for initial purchase.
- The average price for first time homebuyers in Birmingham has risen in the past year.
- Since last year, the average price for first time home buyers has risen six percent in Birmingham.
- Increases are not just centralized to Birmingham, many cities in the area are seeing similar increases.
“Across the country, the average house price for new buyers rose from £191,285 last year to £200,770 this May – an increase of five per cent.”
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