HOUSE prices dropped by 1.2 per cent in Dudley in November, new figures show.
The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 0.8 per cent annual decline.
The average Dudley house price in November was £232,156, Land Registry figures show – a 1.2 per cent decrease on October.
Over the month, the picture was different to that across West Midlands, where prices decreased 3.1 per cent, but Dudley was lower than the 0.8 per cent drop for the UK as a whole.
Over the last year, the average sale price of property in Dudley fell by £1,900 – putting the area 14th among West Midlands’s 30 local authorities with price data for annual growth.
The highest annual growth in the region was in Wychavon, where property prices increased on average by six per cent, to £369,000. At the other end of the scale, properties in South Staffordshire lost 8.6 per cent of their value, giving an average price of £276,000.
First-time buyers in Dudley spent an average of £203,200 on their property – £2,300 less than a year ago, but £49,800 more than in November 2018.
By comparison, former owner-occupiers paid £258,000 on average in November – 27 per cent more than first-time buyers.
Owners of terraced houses saw the biggest fall in property prices in Dudley in November – they dropped 1.6 per cent in price, to £190,995 on average. Over the last year, prices dropped by 1.6 per cent.
Detached properties were down 0.8 per cent monthly; up 0.1 per cent annually; and priced £357,624 on average.
Semi-detached homes were down 1.3 per cent monthly; down 0.5 per cent annually; and were priced £231,165 on average.
While flats were down 0.7 per cent monthly; down 2.1 per cent annually; and they cost £122,968 on average.
Buyers paid 4.7 per cent less than the average price in West Midlands (£244,000) in November for a property in Dudley. Across West Midlands, property prices are lower than those across the UK, where the average cost is £285,000.
The most expensive properties in West Midlands were in Stratford-on-Avon – £410,000 on average, and 1.8 times the price as in Dudley. Stratford-on-Avon properties cost 2.9 times the price as homes in Stoke (£139,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
