HOUSE prices increased by 0.9% in the Malvern Hills district in May, new figures show - more than the average for the West Midlands.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 2.3% over the last year.

The average Malvern Hills house price in May was £327,364, Land Registry figures show – a 0.9% increase on April.

Over the month, the picture was similar to that across the West Midlands, where prices increased 0.5%, and Malvern Hills was above the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in Malvern Hills rose by £7,400 – putting the area 15th among West Midlands’s 30 local authorities with price data for annual growth.

First steps on the property ladder

First-time buyers in Malvern Hills spent an average of £266,300 on their property – £7,200 more than a year ago, and £55,600 more than in May 2018.

By comparison, former owner-occupiers paid £364,600 on average in May – 36.9% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Malvern Hills in May – they increased 1.7%, to £176,033 on average. Over the last year, prices rose by 3.1%.

Other types of property: 

Detached: up 0.6% monthly; up 2.3% annually; £464,681 average

Semi-detached: up 0.9% monthly; up 2.6% annually; £303,414 average

Terraced: up 0.9% monthly; up 1.1% annually; £239,370 average

How do property prices in Malvern Hills compare?

Buyers paid 31.9% more than the average price in the West Midlands (£248,000) in May for a property in Malvern Hills. Across West Midlands, property prices are lower than those across the UK, where the average cost is £286,000.

The most expensive properties in the West Midlands were in Stratford-on-Avon – £383,000 on average, and 1.2 times the price as in Malvern Hills. Stratford-on-Avon properties cost 2.7 times the price as homes in Stoke (£144,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Average property price in May

Malvern Hills: £327,364

West Midlands: £248,166

UK: £285,861

Annual growth to May

Malvern Hills: +2.3%

West Midlands: +2.2%

UK: +1.9%