House prices are rising faster in the West Midlands than most other UK regions, new data shows.
The average price in the region rose by almost £5,000 last month, according to Rightmove, to £204,140.
That means an annual change of 5.5 per cent, or almost £11,000, which is more than any other UK region outside the East, South East and South West.
Across the UK, as demand soars and supply remains tight, the average price of a property coming to market in England and Wales passed £300,000 for the first time
Miles Shipside, Rightmove director and housing market analyst, said: “While the start of 2016 has seen an encouraging but modest uptick in the number of properties coming to market, demand and momentum have combined to push prices over £300,000.
“On average 30,000 properties have come to market each week over the past month, up by three per cent on this time last year, but there are insufficient numbers of newly-listed properties in many parts of the country to meet demand.
“Visits to the Rightmove website are up by 14 per cent in early March compared to the same period in 2015, so it’s no surprise that those buyers who can borrow more or can find some extra cash are keeping the price merry-go-round spinning, even though increasing numbers of aspiring home-movers cannot afford the ride.”