HOUSE prices dropped by 1.5% in Bromsgrove in August, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 3.3% annual decline – the worst in West Midlands.

The average Bromsgrove house price in August was £338,422. Land Registry figures show a 1.5% decrease on July.

Over the month, the picture was different to that across West Midlands, where prices increased 1.1%, and Bromsgrove was lower than the 1.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Bromsgrove fell by £11,000 – putting the area bottom among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in Staffordshire Moorlands, where property prices increased on average by 8.1%, to £234,000.

First steps on the property ladder

First-time buyers in Bromsgrove spent an average of £266,900 on their property – £7,000 less than a year ago, but £34,600 more than in August 2019.

By comparison, former owner-occupiers paid £375,100 on average in August – 40.5% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in Bromsgrove in August – they dropped 2% in price, to £493,753 on average. Over the last year, prices dropped by 4.4%.

Among other types of property:

Semi-detached: down 1.3% monthly; down 1.8% annually; £312,653 average

Terraced: down 1.1% monthly; down 3% annually; £257,553 average

Flats: down 1.1% monthly; down 4.5% annually; £155,185 average

How do property prices in Bromsgrove compare?

Buyers paid 32.7% more than the average price in West Midlands (£255,000) in August for a property in Bromsgrove. Across West Midlands, property prices are lower than those across the UK, where the average cost is £293,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £382,000 on average, and 1.1 times the price as in Bromsgrove. Stratford-on-Avon properties cost 2.6 times the price as homes in Stoke (£147,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in August

Bromsgrove: £338,422

West Midlands: £255,102

UK: £292,924

Annual change to August

Bromsgrove: -3.3%

West Midlands: +2.6%

UK: +2.8%

Highest and lowest annual growth in West Midlands

Staffordshire Moorlands: +8.1%

Bromsgrove: -3.3%