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  1. ITV Report

Home-buyers experiencing highest prices on record

Photo: ITV News.

Home-buyers in the West Midlands are experiencing some of the highest prices on record according to a new report.

The West Midlands has seen the second-highest annual rise in property prices across the UK in the last 12 months.

Housing experts Rightmove say a 4 percent growth means the average asking price for a home in the region is now £213,000.

213,000
The average house in the West Midlands is now £213,000.

It's thought a shortage of properties at the same time as a rise in demand is the reason for the increase.

Predictions show property prices across the region will continue to rise at this level for the next 12 months.

In the East Midlands the increase has taken the average price tag to a new record high for the region of £200,620. Credit: ITV News.

Price growth is now being driven by the Midlands, with the pace no longer being set by the more affluent London commuter belt, according to research.

And now Midlands-based estate agents are reporting record sales and in-demand properties going to sealed bids.

200,620
The average price of a property in the East Midlands.

Elsewhere, the East Midlands has seen asking prices jump by 5.7% annually - higher than any other region.

The increase has taken the average price tag to a new record high for the region of £200,620.