West Midlands homeowners saw property values rise in 2024, report reveals

In the UK as a whole, around 15 million properties have had prices increasing, up from just over 10 million in 2023.

The average house price increase in the West Midlands was around £3,900. Wednesbury in the Black Country saw the highest rise, with an average of £6,000. The figures show that 70 per cent of properties in that area saw values increase.

The area with most houses decreasing in value in the West Midlands is Evesham, where 45 per cent have seen a decline.

Whilst 2024 saw a broad recovery of house prices, around a third of homes recorded price declines of one per cent or more last year, equating to just over nine million properties in the UK.

Just under six million homes last year recorded broadly static prices, according to Zoopla's calculations.

The falls in property values tended to be more concentrated across southern England, as higher mortgage rates reduced buying power, Zoopla said.

Taking into account price rises and falls, the average property value increased by £2,400 last year.

Richard Donnell, executive director at Zoopla said: "The housing market returned to growth in 2024 but the pattern of home value changes across Britain is far from uniform.

"There is headroom for prices to increase in markets where housing is affordable compared to incomes, which covers many parts of northern England and Scotland .

In contrast, affordability is more of a constraint on price rises in southern England, where the market continues to adjust to higher borrowing costs.

"Faster income growth is helping to repair affordability, supporting moving decisions in 2025."

Here are average changes in property values across Britain in 2024, followed by the percentage of homes with value increases of 1% or more according to Zoopla:

- West Midlands , £3,900, 59%

- North West, £4,400, 63%

- North East, £4,300, 68%

- Yorkshire and the Humber, £3,700, 61%

- Scotland , £3,200, 61%

- Wales , £2,300, 52%

- East Midlands , £1,700, 48%

- London , £600, 40%

- South West, minus £300, 37%

- South East, minus £900, 35%

- East of England , minus £1,300, 33%

Here are the towns with the highest percentages of homes increasing in value in 2024 in each region or nation, with the percentage of homes with an increase of 1% or more and the average cash increase:

- West Midlands, Wednesbury, 79%, £6,000

- East Midlands, Glossop, 67%, £7,000

- East of England, Berkhamsted, 53%, £24,500

- London, Waltham Forest , 64%, £8,700

- North East, Peterlee, 83%, £6,100

- North West, Blackburn, 77%, £8,100

- Scotland, Carluke, 82%, £8,900

- South East, Thame, 56%, £5,600

- South West, Portland, 54%, £2,900

- Wales, Ferndale, 74%, £3,900

- Yorkshire and the Humber, Normanton, 81%, £7,500

Here are the towns with the highest percentages of homes decreasing in value in 2024 in each region or nation, with the percentage of homes with a decrease of 1% or more and the average cash decrease or increase among property values there:

- West Midlands, Evesham, 45%, £900 increase

- East Midlands, Corby, 74%, £6,000 decrease

- East of England, Bungay, 79%, £8,400 decrease

- London, Kensington and Chelsea, 72%, £44,300 decrease

- North East, Houghton Le Spring, 48%, £3,800 increase

- North West, Cheadle, 54%, £2,000 decrease

- Scotland, Inverurie, 65%, £4,200 decrease

- South East, Broadstairs, 89%, £15,300 decrease

- South West, Ferndown, 83%, £14,400 decrease

- Wales, Pwllheli, 64%, £3,650 decrease

- Yorkshire and the Humber, Beverley, 57%, £5,100 decrease