Rural Housing Week – rising house prices

In April 2024 Stratford-on-Avon had the highest average house price in the West Midlands.

The average house price in Stratford-on-Avon was £369,000* in April 2024, up 3.0% from April 2023. This was higher than the rise in the West Midlands (2.0%) over the same period. (*ONS provisional figure). In the year to April 2024, the average price for semi-detached properties in Stratford-on-Avon rose by 4.9%.

Across the West Midlands, the average house price in April 2024 was £246,000, slightly more than a year earlier (£242,000).

The Land Registry’s UK House Price Index is the most reliable barometer of what’s happening to house prices, as it’s based on actual property sales rather than asking prices. The Land Registry shows the average price of a property in the UK increased by 1.1% between April 2023 and 2024, and in the 12 months prior house price growth increased by 1.6%.

Earlier this year, the County Councils Network estimated the average house price in the countryside to be £309,000; equivalent to 11.1 times the average annual wage.

And with mortgage rates remaining high and a drop in the number of homes for sale it’s no wonder that youngsters feel they’ll never catch up and be able to purchase their own home. In rural communities there may be a solution though in the form of local needs housing; homes prioritised for people with a local connection.  Contact the Rural Housing Enabler to find out how your local rural community can help households achieve safe, secure and affordable  housing: housing@wrccrural.org.uk or 01789 842182.