Staffordshire Property Prices Reach Record High
- Year-on-year property price growth in Staffordshire beats national average for 5th consecutive month.
- Latest Land Registry data shows sales volume was still down in May.
- Property prices in Staffordshire are now at record highs; 3.5% higher than the previous peak of September 2023.
- Homes in Lichfield remain the most expensive; more than double the cost of a home in Stoke-on-Trent.
- Tamworth has proven to be a strong choice for property investors with the greatest 10-year price growth.
- Across the West Midlands, house prices are expected to increase 23.4% over 2024-2028.
Lowest property sales in Staffordshire for any May on record
518 properties were sold in Staffordshire in May, the lowest number of transactions for any single month since lockdown. This is 35% down on the same month last year, closely in line with the average fall in property sales volume for England and Wales, at -33%.
This Land Registry release this data with a 5-month delay. The government, however, estimates more optimistic numbers for more recent months: "the provisional non-seasonally adjusted estimate of the number of UK residential transactions in August 2024 is 104,330, 10% higher than August 2023." This reflects the increase in sales volume we've seen here at SAM throughout the year so far.
Are house prices falling in Staffordshire?
House prices across Staffordshire are, on average, 4.5% higher than they were last year. The graph below shows prices have been rising consistently each month this year, and are now higher than the previous peaks of 2022 and 2023.
| Property Type | 2023 | 2024 |
| Detached Properties | £355,117 | £370,187 |
| Semi-detached Properties | £221,849 | £233,162 |
| Terraced Properties | £179,038 | £187,148 |
| Flats & Maisonettes | £128,466 | £131,297 |
(Source: HPI Data for July 2024)
How does the Bank of England affect the Staffordshire Housing Market?
The recent base rate cut to 5%, and further cuts anticipated before the end of the year, mean that borrowing is becoming more affordable. This means more people can afford to buy, with a little more to spend.
This is already impacting property prices, with Staffordshire property prices rising all year so far.
The graphs above show that the higher cost of borrowing suppressed house price growth in 2023. But prices began to rise again once it stabilised.
Capital Economics forecast that the base rate will fall to 4.75% by the end of this year and reach a hopeful 3% in 2025.
Will there be a UK recession in 2024?
"The Quarterly Economic Forecast (QEF), expects the UK economy to grow by 1.1% for 2024, with the projection for 2025 remaining at 1.0%. The economy is expected to grow by 1.1% in 2026, a minor upward revision." - Source: British Chambers of Commerce (BCC)
This, however, is well below the pre-pandemic average. NEISR estimate that Britain's poorest households will not recover fully until 2027.
Would you like conveyancing services for a Staffordshire property?
Staffordshire Moorlands is least affected by the dampened property market
Sales volume across the country has remained lower than normal this year, and Staffordshire as a whole fits the wider trends. Staffordshire Moorlands, however, is just 15% down on last year; a rural district north-east of Stoke, with almost half of its area in the stunning Peak District National Park.
With houses costing lower than the average for the region, and idyllic rolling hills, picturesque villages, and rich history, it's clear to see why the property market in the moorlands has remained relatively active. Get in touch if you need conveyancing services in the area.
Lichfield and Newcastle-under-Lyme are faring relatively badly, at 47% and 45% fewer property transactions than the same month last year.
House prices in Lichfield are 51% higher than in Newcastle-under-Lyme
The average home in Lichfield costs £311,587, that's 1.5 times more expensive than the most affordable district in Staffordshire, Newcastle-under-Lyme, and more than twice the cost of a home in Stoke-on-Trent.
Lichfield is a cathedral city with a stunning medieval cathedral and Georgian museums, including the Samuel Johnson Birthplace and Erasmus Darwin House. Cultural highlights include the National Memorial Arboretum featuring over 330 thought-provoking memorials, nestled amongst lush and maturing woodland, and a range of entertainment at Lichfield Garrick Theatre and The Hub at St Mary's.
Stoke and Newcastle-under-Lyme have the most affordable property in Staffordshire
| Property Type | Stoke-on-Trent | Newcastle-under-Lyme |
| Detached Properties | £224,091 | £307,446 |
| Semi-detached Properties | £149,516 | £198,192 |
| Terraced Properties | £118,491 | £156,632 |
| Flats & Maisonettes | £94,712 | £133,223 |
(Source: HPI Data for July 2024)
Newcastle-under-Lyme is a medieval market town, with a rich industrial history of millinery, silk weaving, and coal mining. Enjoy Staffordshire promotes the town for its charm: "If you like ground-breaking theatre, picturesque gardens, stunning country parks, fascinating history, bustling markets and mouth-watering menus, the charming Staffordshire town of Newcastle-under-Lyme is perfect for you!"
Stoke-on-Trent is a polycentric city famous for its pottery industry, as well as coal and steel. Visit Stoke says: "Stoke-on-Trent is a unique city affectionately known as The Potteries. We are a creative city that makes beautiful things. We create art from dirt. We are a place where art, technology and commerce come together through craftsmanship. We are the World Capital of Ceramics. "
Record-breaking summer for house prices in Staffordshire
While house prices in England and Wales as a whole are yet to beat the record peak of September 2022, house prices in every single district in Staffordshire reached record highs in July, except for Lichfield and Stoke which peaked in November 2022 and October 2023.
This is understandable as Lichfield is the most expensive district in Staffordshire, and the top end of the property market will be seeing less growth under the harsh cost-of-living conditions we have had to contend with this year. Nonetheless, the region overall has recovered from the turbulence of the last few years, and the data shows a thriving property market.
Strongest house price growth in Staffordshire: Time to move to Tamworth?
Homeowners who bought in Tamworth a year ago are likely feeling quite smug with the average property price growth at 6.7% in the year to July. Having fallen just slightly into YoY negative growth last winter, Tamworth has made a very strong short-term comeback. Long-term, property in Tamworth has proven to be a solid investment, with prices climbing 78% in the ten years to July 2024, compared to a 59% average for Staffordshire, both outperforming 53% growth across England and Wales.
Tamworth is a great place to live, on the picturesque River Thame and conveniently close to the city of Birmingham. The market town offers great schools, shopping and fun days out. House prices in Tamworth sit just below average for the region and are a satisfying £52,049 cheaper than the average house price for England & Wales.
For those looking to buy their first home, move out of the city for affordability, or make a bricks-and-mortar investment, Tamworth may be the place for you.
New homes in Staffordshire responsible for house price growth
If we exclude the new builds in Staffordshire, pre-existing house prices tell a different story. As you can see in the graph above, pre-existing houses are yet to beat their October 2022 peak, and Staffordshire house prices appear stable, but stagnant.
New built houses in Staffordshire are now 53% more expensive than pre-existing housing stock, dragging the average house price up significantly.
"This disparity in price will fuel nearby house prices up as estate agents use these potentially over-priced local comparables when setting sale prices for existing properties in the local area." - Andrew Boast, CEO.
This could mean new build developments in your immediate location will inflate the value of your home. Great news if you're already a homeowner; bad news if you're a first-time buyer.
What is next for the Staffordshire property market?
Staffordshire County Council (SCC) works closely with each district and The National Planning Policy Framework (NPPF) to ensure that development in Staffordshire is supported by infrastructure.
they aim to support the construction of more homes, make sure new developments are supported by employment opportunities, high-quality transport, green spaces, places to go out and excellent digital connections like superfast broadband, self-build, bespoke modular build and more developments by smaller house-builders to increase the range of housing types and designs and speed up construction.
With this holistic approach to housing and infrastructure, the property market in Staffordshire should continue to thrive.
Should I buy a house in Staffordshire?
Staffordshire is an excellent location to buy a home:
- Affordable homes
- Thriving cities
- Picturesque countryside
- Peak District National Park
- Cannock Chase Area of Outstanding Natural Beauty
- National Forest
- Canal Network
- Rich industrial history
- Strong forecasted growth on your investment
- Beautiful countryside
- Good schools & universities
House prices are back on the rise and the cost of borrowing continues to fall. If you can afford to buy in Staffordshire before prices increase further, you'll likely be able to switch to a more affordable mortgage rate in a couple of years, by which point your investment will hopefully have appreciated in value.
Across the West Midlands, house prices are expected to increase 23.4% over 2024-2028.
If you are renting and can afford to buy at the current rate of interest, this may be a much more desirable option than saving for a bigger deposit, as rents are still rising, whereas mortgage rates are likely to fall.
However, if you are stretching your budget to buy in Staffordshire, consider saving for a bit longer. We may not be out of the woods yet, and if the base rate (and mortgage rates) rise again, you may not be able to keep up with your monthly repayments. Worse yet, if prices do fall, you could end up in negative equity. Buying a home with a mortgage always comes with risks. Your home may be repossessed if you do not keep up repayments on your mortgage.
If you are ready to buy a house in Staffordshire or the surrounding area, we can handle your purchase with a dedicated SAM Conveyancing Consultant to manage your transaction alongside one of our hand-selected panel solicitors.
"The housing market is in full swing with a hub of activity from first-time buyers. I predict stamp duty will play a massive part in the autumn budget. If inflation spikes can be managed without the Bank of England needing to raise the base rate, confidence will return to the mortgage market, meaning more affordable mortgage rates."
- Andrew Boast FMAAT MIC
CEO and Author | SAM Conveyancing
Sources: Latest data from - Gov.UK, Bank of England, UK House Price Index, Savills.
Caragh is an excellent writer and copy editor of books, news articles and editorials. She has written extensively for SAM for a variety of conveyancing, survey, property law and mortgage-related articles.
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