HOUSE prices increased by 2.2% – more than the average for the West Midlands – in Malvern Hills in February, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 6.8% annual growth.

The average Malvern Hills house price in February was £292,974, Land Registry figures show – a 2.2% increase on January.

Over the month, the picture was better than that across the West Midlands, where prices increased 0.8%, and Malvern Hills outperformed 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 £19,000 – putting the area 20th among the West Midlands’s 34 local authorities for annual growth.

The best annual growth in the region was in North Warwickshire, where property prices increased on average by 19.3%, to £245,000.

At the other end of the scale, properties in Telford and Wrekin gained 3.1% in value, giving an average price of £177,000.

Winners and Losers

Owners of flats saw the biggest improvement in property prices in Malvern Hills in February – they increased 2.7%, to £164,585 on average. Over the last year, prices rose by 4.6%.

Among other types of property:

• Detached: up 2.1% monthly; up 7.2% annually; £409,670 average

• Semi-detached: up 2.2% monthly; up 6.9% annually; £271,258 average

• Terraced: up 2.2% monthly; up 6.8% annually; £219,206 average

First steps on the property ladder

First-time buyers in Malvern Hills spent an average of £239,000 on their property – £15,000 more than a year ago, and £43,000 more than in January 2016.

By comparison, former owner-occupiers paid £326,000 on average in February – 36.2% more than first-time buyers.

How do property prices in Malvern Hills compare?

Buyers paid 36% more than the average price in the West Midlands (£215,000) in February for a property in Malvern Hills.

Across the West Midlands, property prices are higher than those across the UK, where the average cost £250,000.

The most expensive properties in the West Midlands were in Stratford-on-Avon – £345,000 on average, and 1.2 times as much as in Malvern Hills. Stratford-on-Avon properties cost 2.8 times as much as homes in Stoke (£125,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average February sale price of £1.2 million could buy 13 properties in Hyndburn (average £92,000).

Factfile

Average property price in February

• Malvern Hills: £292,974

• The West Midlands: £215,451

• UK: £250,341

Annual growth to February

• Malvern Hills: +6.8%

• The West Midlands: +8.3%

• UK: +8.6%

Best and worst annual growth in the West Midlands

• North Warwickshire: +19.3%

• Telford and Wrekin: +3.1%