Demand for the most expensive houses in the West Midlands is outstripping supply, the chartered surveyor's body RICS said today.
Spokesman Harvey Williams said: "The market has changed from perhaps six or seven years ago.
"Earlier, people would have a second home in the countryside and live in London and the South-east.
"Now they are increasingly looking to have their home in places like Warwickshire, Worcestershire and Hereford-shire - places on this side of the Cotswolds have seen the trend."
Mr Williams said "country houses with land" valued at more than £1.5 million were generating more demand than supply because they offered greater value for money.
Year-on-year prices in the region had increased across the board in June by two per cent to around £165,00, he said.
The organisation said the gains were still quite modest but on the back of the increases, price expectations rose to their highest level since April 2004.
Last month saw nine per per cent more chartered surveyors reporting a price increase, up to 33 per cent from 24 per cent in May.
However 59 per cent said prices had remained the same, down slightly from 65 per cent the previous month.
Only eight per cent reported a fall in the region's prices.
New enquires accelerated at the fastest pace since the survey began in 1994, as agreed sales and instructions began to slow down.
Expectations for future sales once again peaked to the highest point in the survey's history.
Mr Williams said: "Recent talk of a housing crash is somewhat overdramatic and as the survey findings show, the underlying trends within the West Midlands housing market are more than satisfactory."
He said the region had an individual place in the UK's housing market picture, with hotspots such as Solihull and Warwick often following the quicker paced South-east trends. However more northerly areas of the region could be said to follow northern areas more closely, with slower price increases and a steadier market.
Across the UK, a house price boom in London and the South-east has widened the north/south divide.
House prices rose in June despite continued increases in unemployment and volatile financial markets, with 28 per cent more chartered surveyors reporting a rise than a fall compared to 21 per cent in May.
London and the South-east recorded the sharpest house price rises in six-and-a-half and four years respectively.
The Royal Institute of Chartered Surveyor's study came as a survey by a trade body for housing associations found the average value of a home in the West Midlands cost 7.5 times the average wage last year.
It also suggested the cost of a home in England could have soared to nearly £300,000 in five years time.
The National Housing Federation study showed the cost of buying a home in England was around £195,000 during the first three months of this year. In the West Midlands the average price of a home last year was £158,430, 7.5 times the average salary of £21,174.