House prices in 'B98 7', Redditch

This article reveals price per square metre data and various charts to help you understand current housing market in 'B98 7' (Redditch) - statistics were last calculated on 03 December 2024.

Defining 'B98 7'

This analysis is limited to properties whose postcode starts with "B98 7", this is also called the postcode sector. There are no official postcode sector names so I've just labelled it B98 7, Redditch. It is shown in red on the map below.

Want to change geography?

You can click on the map above to change to a neighbouring sector, or you can use the search form below.

Price per square metre

Knowing the average house price in B98 7 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 October 2024, 74, Paddock Lane, Redditch, B98 7XP sold for £185,500. Given the internal area of 79 square metres recorded on the EPC, the price per sqm is £185,500 ÷ 79 sqm = £2,348.

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 B98 7 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 'B98 7' vs 'B98'

The chart above is called a histogram, it helps you see the distribution of house price per sqm in B98 7 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 404 sales that took place in B98 7, Redditch 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 B98 7, Redditch. Notably, only 25% of properties that sold recently were valued at more than £3,200 sqm. For anything to be valued more than this means it has to be more desireable than the clear majority of B98 7 homes.

Box plot of £ per sqm for B98 7

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. Redditch. The chart above shows a boxplot for 'B98 7' as well as the 'B98' postcode district.

  • 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 'B98 7' is £2,550.
  • 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 404 transactions in B98 7, Redditch half were sold for between £2,030 and £3,200 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; 404 for B98 7, Redditch.

    • Property price map for Redditch

    Have a look at the interactive price map I created for myself. Use it to explore 'B98 7' house prices all the way down to individual property plots.

    Property price heatmap for Redditch
    House price map for Redditch

    Redditch house price forecasting

    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 B98 7 (Redditch) compared with the wider postcode district of B98. You can extrapolate from this based on your own views on future interest rates, inflation and other factors.

    House price index for B98 7

    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 'B98 7' property prices over the last 20 years. The index is calculated from the average price paid per sqm for property in B98 7 and is set to 100 in 2004. I'm comparing the trends for B98 7,Redditch with the wider postcode district of B98 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 Redditch 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 B98 7
    B98 7 sector B98 district
    Nominal Real Nominal Real
    20 yr per annum 3.3% 0.6% 3.3% 0.6%
    20 yr total 90.7% 12.9% 90.7% 13.0%
    10 yr per annum 4.3% 1.5% 4.2% 1.4%
    10 yr total 52.7% 15.9% 51.5% 15.0%
    5 yr per annum 4.2% 0.1% 3.6% -0.5%
    5 yr total 23.1% 0.7% 19.4% -2.3%
    1 yr per annum 3.3% -0.8% -2.7% -6.6%
    1 yr total 3.3% -0.8% -2.7% -6.6%

    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, B98 7 sector have seen a 0.6% annual change when adjusted for inflation. This translates to a total change of 12.9% in real terms.
    • Over the past 5 years, B98 district have seen a -0.5% annual change when adjusted for inflation. This translates to a total change of -2.3% in real terms.

    Most recent B98 7 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
    Harport Road, Redditch, B98 7P 85 sqm £2,758 22
    Hedgerow Close, Redditch, B98 7Q 78 sqm £2,141 21
    Pitchcombe Close, Redditch, B98 7H 95 sqm £2,497 19
    Kemble Street, Redditch, B98 7G 77 sqm £2,770 18
    Oakenshaw Road, Redditch, B98 7P 86 sqm £2,775 17
    Greenlands Avenue, Redditch, B98 7P 85 sqm £2,400 17
    Wishaw Close, Redditch, B98 7R 87 sqm £2,095 17
    Studley Road, Redditch, B98 7H 97 sqm £3,031 16

    Search for your street here.

    Nearby geographies

    The table below shows how 'B98 7' compares to the other postcode sectors in B98.

    Sector Lower quartile Median Upper quartile Sales in last 2yr
    B98 9 Church Hill £2,300 sqm £3,280 sqm £3,900 sqm 143
    B98 8 Church Hill £2,070 sqm £2,600 sqm £3,310 sqm 159
    B98 7 Redditch £2,030 sqm £2,550 sqm £3,200 sqm 404
    B98 0 Redditch £2,340 sqm £2,860 sqm £3,540 sqm 243
    B97 6 Redditch £2,600 sqm £3,090 sqm £3,620 sqm 261
    B97 5 Redditch £2,870 sqm £3,380 sqm £3,860 sqm 431
    B97 4 Redditch £2,280 sqm £2,820 sqm £3,400 sqm 167
    B96 6 Astwood Bank £3,050 sqm £3,530 sqm £4,120 sqm 122
    B80 7 Studley £2,800 sqm £3,380 sqm £3,980 sqm 189

    Raw data

    Our analysis of B98 7 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
    74, Paddock Lane, Redditch £185,500
    Oct-2024
    		 79 2,348
    23, Ombersley Close, Redditch £198,000
    Oct-2024
    		 118 1,677
    27, Britannia Close, Redditch £190,000
    Oct-2024
    		 58 3,275

    See the entire list of all sales in B98 7 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.