Pockets of the prime West Midlands property market are seeing the highest prices paid for homes at £1 million or more, according to a Birmingham estate agency.
Barrows and Forrester has analysed sold price records from the Land Registry over the past 12 months and found that across the county, the average paid for prime properties over £1 million was £1.24 million between June 2020 and May 2021.
This is just short of the London average, where prime homes are selling for an average of £1.37 million, while across England and Wales it is £1.27m.
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However, there are two Birmingham postcodes where the prime prices have sold for an average that is higher than that of London.
In B74, which covers Sutton Coldfield, Little Aston, Four Oaks and Streetly, homes over £1 million have sold for an average of £1,442,500 in the last 12 months.
This area also accounts for six of the top 10 most expensive homes sold in the West Midlands in the last 12 months, with the most expensive being a detached house in Hartopp Road in Sutton Coldfield that sold for just under £3.5m.
In the neighbouring B75 postcode area, which includes Moor Hall, Whitehouse Common, Roughley and Reddicap Heath, homes above £1 million sold for an average of £1.4 million in the 12-month period.
Another hotspot is B15, which includes Edgbaston, where prime properties over £1 million sell for just over £1.3 million. In B93, which includes Dorridge and Knowle, prime homes are selling for an average of £1.25 million, while in B92, which includes Hampton in Arden, the average prime home is selling for £1.212 million.
Other postcodes to make the top 10 for the hottest spots of the prime West Midlands property market are: B73, the Boldmere and Wylde Green area of Sutton Coldfield, at £1.17 million; B91, Solihull and Catherine De Barnes, at £1.15 million; B13, which includes Moseley, at £1.11 million; B94, which includes Tanworth in Arden, Lapworth and Hockley Heath, at £1.1 million; and WV6, which includes Tettenhall and Perton, at £1.1 million.
James Forrester, managing director of Barrows and Forrester, said: “The property market is currently performing very well in the West Midlands and this is no different at the very top end of the market.
“While the addition of a stamp duty saving is unlikely to have motivated prime property buyers to the same extent, it has helped boost overall market sentiment, which has certainly filtered upstream to those buying at the £1 million threshold and above.”
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