House prices in Birmingham are growing at their slowest rate in five years.
In the year to August, house prices in our city grew by 3.5% - rising to £183,362 on average.
That’s compared to a growth of 4.9% in the year to July, and was the lowest annual growth rate seen in Birmingham since prices grew by 3.4% in the year to August 2013.
In recent years, house price growth in our city peaked at 9.7% in the year to June 2016 - but that’s nothing compared to the growth seen in 2003.
In the 12 months to February that year, house prices in Birmingham rocketed by 36.4%.
Figures from the Office for National Statistics show that average house prices in the UK have increased by 3.2% in the year to August 2018 - down from 3.4% in July.
This is the lowest annual rate seen across the country since August 2013, when it was 3.0%.
The annual growth rate has slowed since mid-2016 and has remained under 5.0% throughout 2017 and into 2018, with the exception of October last year.
In August 2018, the average house price was £232,797 - £7,000 more than in August 2017, and nearly £600 higher than in July this year.
Semi-detached houses showed the biggest increase, rising by 4.7% in the year to August 2018 to £220,736.
Meanwhile, flats and maisonettes saw the lowest annual growth of all property types, with prices increasing by 0.7% to £207,512 in the year to August.
Weaker growth in UK flats and maisonettes was driven by negative annual growth in London for this property type.
London accounts for around 25% of all UK flats and maisonette transactions.
The lowest overall annual growth was also in London, where prices decreased by 0.2% over the year. London has shown a general slowdown in its annual growth rate since mid-2016.
The second-lowest annual growth was in the East of England, where prices increased by 1.6% in the year to July 2018, followed by the South East, where prices increased by 1.9%.
This is the second time since May 2009 that London, the South East and the East of England have been the lowest-ranked regions for annual growth.
Meanwhile, the East Midlands saw the highest overall annual growth, with prices increasing by 6.5% in the year to August.