West Midlands house prices hit all time high

Average house prices in the region have risen by 7.3% in 12 months

According to the Office for National Statistics, the pace of annual growth in the value of homes has accelerated across most of the UK, and across the Midlands average house prices have dramatically increased to £202,000.

This figure is still way below the UK average of £277,000, which is considerably distorted by the impact of the London housing bubble, where average prices are £513,000, and the wider South East region as a whole, where they have risen to £339,000.

The Bank of England has also last week suggested that inflation rates will be held until early 2016, rather than late 2015 as originally predicted, as unemployment has risen for a second month in a row, which in turn leaves mortgage interest rates at record lows. As a result further growth in the West Midlands property market could still continue to be witnessed in the second half of 2015, which is only good news for the Midland property industry as a collective.