House prices in WV3 (Wolverhampton)

This article shows price per square metre data and various charts to help you understand the housing market in WV3 - stats were last calculated on 16 October 2024.

Defining 'WV3'

This analysis is limited to properties whose postcode starts with "WV3", this is also called the postcode district. There are no official postcode district names so I've just labelled it WV3, Wolverhampton. It is shown in red on the map below.

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Price per square metre

Knowing the average house price in WV3 is not much use. However, knowing average price per square metre can be quite useful. Price per sqm allows some comparison between properties of different size. We define price per square metre as the sold price divided by the internal area of a property:

£ per sqm = price ÷ internal area

For example in July 2024, 17, York Avenue, Wolverhampton, WV3 9BZ sold for £350,000. Given the internal area of 218 square metres recorded on the EPC, the price per sqm is £350,000 ÷ 218 sqm = £1,605.

England & Wales have been officially metric since 1965. However house price per square foot is prefered by some estate agents and those of sufficiently advanced age ;-). It is a huge pain to code the automatic conversion for square meters to square feet for all the graphs and charts on WV3 and elsewhere. All the conditionals turn my tidy code for into spaghetti. I will get around to it at some point, but for now you can just divide everything by 10 in your head, move a decimal place and you'll be close enough. If you want to be more precise 1 sqm = 10.76391 sqft.

Distribution of £ per sqm for houses vs flats in WV3

The chart above is called a histogram, it helps you see the distribution of house price per sqm in WV3 To make this chart we put all the sales data into a series of £ per sqm 'buckets' (e.g. £2,350 to £2,500, £2,500 to £2,650, £2,650 to £2,800 etc...) we then count the number of sales with within in each bucket and plot the results. The histogram is based on 563 sales that took place in WV3, in the last 24 months.

Generate a custom histogram like the one above but based on your own criteria.

You can see the spread of prices above. This is because although internal area is a key factor in determining valuation, it is not the only factor. Many factors other than size affect desirability; these factors could be condition, aspect, garden size, negotiating power of the vendor etc.

The spread of prices will give you a feel of the typical range to expect in WV3, Wolverhampton. Notably, only 25% of properties that sold recently were valued at more than £2,930 sqm. For anything to be valued more than this means it has to be more desireable than the clear majority of WV3 homes.

Box plot of £ per sqm for WV3

Tip: click on the chart to see the values.

The chart above is called a boxplot (or a box-and-whisker plot). Box plots, like histograms, are used to graphically represent the distribution of data, showing the central tendency, spread of the distribution. In the context of £ per square metre property price distributions, box plots represent the variation in property prices within a geographic area e.g. Wolverhampton. The chart above shows a boxplot for 'WV3' as well as the 'WV' postcode area.

  • Median: The horizontal line inside the box represents the median (£ per square meter). This is the midpoint of the data, meaning 50% of the prices are below this value, and 50% are above. The middle price per square metre in 'WV3' is £2,340.
  • Interquartile Range (IQR): The box spans from the 25th percentile (Q1) to the 75th percentile (Q3). This is the range where the middle 50% of the data lies, giving a good indication of the typical price spread. Of the 563 transactions in WV3, Wolverhampton half were sold for between £1,790 and £2,930 per square metre.
  • Whiskers: In our case, the whiskers extend from the 9th percentile (at the lower end) to the 91st percentile (at the upper end), This provides a slightly broader view of the distribution by including the middle 82% of records. The whiskers capture most of the variation but exclude extreme outliers caused by data errors in recording sold house prices or internal area.
  • 'n=' is the number of property transactions the box plot is based on; 563 for WV3, Wolverhampton.

    • Property price map for Wolverhampton

    Have a look at the interactive price map I created for myself. Use it to explore 'WV3' house prices all the way down to individual property plots.

    Property price heatmap for Wolverhampton
    House price map for Wolverhampton

    Will WV3 house prices drop in 2025?

    I cannot tell what house prices will do in the future and don't believe anyone who says they can. However we can plot price trends, I have done this in the chart below for WV3 (Wolverhampton) compared with the wider postcode area 'WV'. You can extrapolate from this based on your own views on future interest rates, inflation and other factors.

    House price index for WV3

    Tip: click on the legend items to show/hide different lines

    Download house price index as CSV (premium users only).

    The chart above shows changes in 'WV3' property prices over the last 20 years. The index is calculated from the average price paid per sqm for property in WV3 and is set to 100 in 2004. The chart compares trends for WV3, Wolverhampton against those of the broader postcode area 'WV'. What is more interesting is to look at the difference between flats and houses, even those in the same area follow a very different trend, to get a robust enough sample size to see this we need to zoom out and look at house price trends for the entire Wolverhampton local authority.

    The dashed lines show nominal house price changes, the solid lines show the same data adjusted for inflation. Economists call this the 'real' price change. You have to take inflation into account when comparing prices over time. It's calculated using the formula:

    Real Rate of Return = (1 + Nominal Rate) ÷ (1 + Inflation Rate) – 1
    In this formula, the nominal rate is the rate of change before any adjustments, and the inflation rate is taken from the Consumer Price Index. The real rate of return is a more accurate measure of change in value, because £1 today does not have the same buying power as £1 in the past. For example, if a savings account pays an interest rate of 3% per year and the inflation rate is 5% per year, the real rate of return is -2%. This means that the investment's value is shrinking by 2% each year.

    Historic returns for WV3
    WV area WV3 district
    Nominal Real Nominal Real
    20 yr per annum 3.1% 0.4% 2.8% 0.1%
    20 yr total 83.8% 8.9% 73.5% 2.7%
    10 yr per annum 4.4% 1.5% 4.0% 1.2%
    10 yr total 53.5% 16.5% 48.2% 12.5%
    5 yr per annum 4.6% 0.5% 4.3% 0.2%
    5 yr total 25.3% 2.6% 23.3% 0.9%
    1 yr per annum 0.4% -3.6% 4.6% 0.4%
    1 yr total 0.4% -3.6% 4.6% 0.4%

    This table complements the house price index chart above, presenting the data in a more detailed format. It breaks down the information into 20-year, 10-year, 5-year, and 1-year periods, further categorized by property type. For each period, we display both a per annum rate of change and a total rate of change.

    The total rate of change represents the overall change over the entire period. The formula for total return is:

    Total return = (Index at end of period ÷ Index at start of period) - 1

    The per annum rate of change is the annualized rate of change over the period. This is equivalent to the annual bank savings rate you would need to achieve the same total return over the given period. This annualized return is also known as the Compound Annual Growth Rate (CAGR). The formula for CAGR is:

    CAGR = (1 + Total return) ^ (1 ÷ Number of years) - 1

    Some specific examples:

    • Over the past 20 years, WV area have seen a 0.4% annual change when adjusted for inflation. This translates to a total change of 8.9% in real terms.
    • Over the past 5 years, WV3 district have seen a 0.2% annual change when adjusted for inflation. This translates to a total change of 0.9% in real terms.

    Most recent WV3 sales

    For the most recent sales activity, rather than a summarized average, it is better to see the underlying data. This is shown in the chart below, where blue dots represent individual sales, click on them to see details. If there is an obvious trend you should be able to spot it here amid the noise from outliers.

    Tip: hover over dots to see details

    Street level data

    Street Avg size Avg £sqm Recent sales
    Trysull Road, , WV3 7J 97 sqm £2,430 29
    Church Road, , WV3 7E 89 sqm £2,287 20
    Westacre Crescent, , WV3 9A 75 sqm £2,227 19
    Jeffcock Road, , WV3 7A 99 sqm £1,565 19
    Merridale Street West, , WV3 0R 82 sqm £1,277 19
    Windmill Crescent, , WV3 8H 73 sqm £2,551 18
    Bhylls Lane, , WV3 8D 97 sqm £2,601 18
    Castlecroft Road, , WV3 8N 79 sqm £2,655 16

    Search for your street here.

    Nearby geographies

    The table below shows how 'WV3' compares to the other postcode districts nearby 'WV3'.

    District Lower quartile Median Upper quartile Sales in last 2yr
    WV9 Coven £2,580 sqm £3,080 sqm £3,520 sqm 130
    WV8 Codsall £2,500 sqm £3,030 sqm £3,650 sqm 307
    WV7 Albrighton £2,760 sqm £3,220 sqm £3,550 sqm 106
    WV6 Wolverhampton £2,110 sqm £2,810 sqm £3,470 sqm 818
    WV5 Wombourne £2,940 sqm £3,520 sqm £3,960 sqm 308
    WV4 Wolverhampton £1,990 sqm £2,570 sqm £3,080 sqm 596
    WV3 Wolverhampton £1,790 sqm £2,340 sqm £2,930 sqm 563
    WV2 Wolverhampton £1,670 sqm £2,140 sqm £2,690 sqm 306
    WV16 Bridgnorth £2,430 sqm £3,030 sqm £3,580 sqm 412
    WV15 Bridgnorth £2,640 sqm £3,060 sqm £3,560 sqm 174

    Raw data

    Our analysis of WV3 is derived from what is essentially a big table of sold prices from Land Registry with added property size information. Below are three rows from this table to give you an idea.

    Address Paid sqm £/sqm
    17, York Avenue, £350,000
    Jul-2024
    		 218 1,605
    10, Ashfield Rd, £297,000
    Jun-2024
    		 107 2,775
    52, Church Rd, £107,500
    Jun-2024
    		 77 1,396

    See the entire list of all sales in WV3 here.

    About

    I created HouseMetric because I wanted to see this data and analysis myself, I also wanted to teach myself to build a website. Please give me feedback or spread the word about it. I'm constantly tinkering and adding more stuff to it.