Revealed: House prices treble due to 'huge demand' from first-time buyers
Property prices across the Black Country and Staffordshire have almost trebled in the past 18 years, new figures have revealed.
A study has found the average price in Wolverhampton alone have shot up 183 per cent, from £50,814 to £143,980 – a difference of £93,166.
And it’s a similar story across other towns with property price increases since the year 2000 even higher in Dudley, up 189 per cent, Walsall, 198 per cent and in West Bromwich, 204 per cent.
In Stafford, prices have gone up 189 per cent, and in Cannock 193 per cent.
Ron Darlington, partner at property auctioneer SDL Bigwood, said: “There is currently huge demand in the Black Country.”
Mr Darlington said property prices had probably gone up quicker in West Bromwich and Walsall due to first-time buyers from Birmingham looking at neighbouring areas.
Wolverhampton was ranked 86th out of 100 towns and cities for property price increases in the study by HouseSimple.com
Southend, Bristol and Cambridge came top of the rankings. In Southend, property prices had increased 291 per cent.
Wolverhampton council aims to see 2,043 new homes built by 2026.
Plans are in the pipeline been approved to convert the former Telecom House and Crown House in the city centre into apartments.
Tim Johnson, deputy leader at Wolverhampton council, said: “We have a target on homes we have to deliver which is why we’re looking at former office blocks.”
Helen Guy, chief officer at Citizens Advice Bureau in Wolverhampton, said she had seen ‘growing numbers’ of people in privately rented homes because they can’t afford to buy.
She said: “We want people to go into home ownership being clear that they understand their financial commitments.”
Dudley was ranked 79th in the study. Dudley Council set a target in 2014 for 16,127 homes to be built by 2026.
They include 237 properties on industrial land in Shaw Road, Dudley, 250 on land off Darkhouse Lane in Coseley and 124 off Deepdale Lane in Upper Gornal.
The conversion of Dudley’s Guest Hospital last year provided 157 homes toward the intake.
Sandwell was ranked 61st in the list. Sandwell Council said it has a 2030 vision which aims for 8,500 new homes to be built on sites close to transport links to Birmingham.
Walsall was ranked 68th. Walsall Council has a target for 11,973 new homes to be built across the borough.