Regional house sales fall

House sales have plummeted by almost a half in some parts of the West Midlands as the housing crisis continues to cast a shadow over families wanting to make a fresh start, new figures reveal.

The number of properties sold in the region as a whole have dropped by 41 per cent since May 2007 from 9,375 to 5,558, according to the latest data published by the Land Registry.

Across the Black Country, the worst affected area is Walsall where property sales have fallen by 41 per cent from 429 to 251.

Elsewhere, sales have dropped by a third in Wolverhampton (306 to 205), almost a third in Sandwell (454 to 320), by 27 per cent in Dudley (398 to 291) and by 46 per cent in Staffordshire (1,568 to 854).

While sales are plunging, the average price of a home in the West Midlands remains around £147,000, giving hope to first-time buyers exempted from paying stamp duty for a year by Chancellor Alistair Darling yesterday, on properties costing up to £175,000.

The vast majority of those wanting to buy their first home across the border in Shropshire will not benefit from the temporary measure, brought in to boost the ailing housing market.

Figures for the shire county show house sales have slumped by almost a half from 478 to 252.

While the average price of a home has seen a slight reduction from £180,374 to £179,029 – it still remains above the new stamp duty threshold.

In addition, the move will do nothing to aid homeowners who have had properties on the market long-term, who could now have no option but to accept low offers.

Bridgnorth MP Philip Dunne said: "This is another half-baked idea from a chancellor past his sell-by date.

"While the stamp duty proposals are welcome, they do not go far enough and will have little relevance in Shropshire, where the average house price remains above the new threshold.

"He should have raised it to £250,000 as the Conservatives proposed last year," added the Tory MP.