17 May

Good time to buy houses for sale in the West Midlands?

Good time to buy houses for sale in the West Midlands?

People looking for houses for sale in the West Midlands may be moving into the market at an opportune time, after figures revealed that prices in the region fell by 2.8 per cent in the region in March, in spite of a 1.2 per cent rise nationally.

The latest statistics from the Department for Communities and Local Government showed that the largest price increase was seen in properties for sale in London, which shot up by 5.5 per cent, while the greatest price fall was in Northern Ireland at a considerable 13.9 per cent.

Elsewhere, properties for sale in Somerset and the south-west saw a slight decrease, while those in the south-east experienced a rise above the UK average.

London remained the English region with the highest average house price, at £342,521, while the north-east had the lowest average at just £130,407.

The index also revealed that during March, the average price paid by first-time buyers decreased by 0.3 per cent to £150,011 over the last year, compared with an annual increase of 0.5 per cent in February.

Commenting on the data, chief UK and European economist at HIS Global Insight Howard Archer said that he does not believe it represents solid evidence that house prices will not lose ground over the months to come.

He cited reports from the Nationwide and the Halifax which suggested that overall, house prices fell in April.

"We still believe that house prices will trend down gradually overall through the rest of 2011 and the early months of 2012 as tighter fiscal policy and the possibility of gradually rising interest rates before the end of 2011 maintain pressure on the housing market," he said.

Meanwhile, the number of mortgages approved for house purchase has increased in recent months, although they are still somewhat below the levels considered to represent stable house prices.ADNFCR-1222-ID-800547198-ADNFCR

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