Newly released research by Birmingham estate and lettings agent, Barrows and Forrester, highlights which pockets of the prime West Midlands property market are currently seeing the highest prices paid for homes at £1m or above.
The firm analysed sold price records from the Land Registry over the last year and found that across the West Midlands county, the average price paid for prime properties over £1m is £1.240m.
How does this compare to the rest of England and Wales?
In London, prime homes are currently selling for an average of £1.370m, while elsewhere across England and Wales, this sits at £1.270m.
However, when dissecting the million pound West Midlands market, there are a few areas where sold prices are averaging higher than even the London average. In the B74 postcode, homes over £1m have averaged a sold price of £1,442,500 in the last 12 months alone, with the B75 postcode also outpacing the capital with an average sold price of £1.4m.
The B15 postcode isn’t far off the pace set by the London prime market at just over £1.3m, with the B93 (£1.25m) and the B92 (£1.212m) postcodes also performing strongly where sold prices are concerned.
Other postcodes to make the top 10 for the hottest spots of the prime West Midlands property market include B73 (£1.17m), B91 (£1.15m), B13 (£1.11m), B94 (£1.1m) and WV6 (£1.1m).
Not only is the B74 postcode the most prestigious from an overall property price standpoint, but it also accounts for six of the top 10 most expensive homes sold in the West Midlands in the last 12 months. The most expensive being a detached home on Hartopp Road in Sutton Coldfield that sold for just shy of £3.5m.
James Forrester, Managing Director of Barrows and Forrester, commented: “The property market is currently performing very well in the West Midlands and this is no different at the very top end of the market.
"While the addition of a stamp duty saving is unlikely to have motivated prime property buyers to the same extent, it has helped boost overall market sentiment which has certainly filtered upstream to those buying at the one million pound threshold and above.”
