Coventry house prices dropped more than West Midlands average in February

House prices dropped by 1% – more than the average for West Midlands – in Coventry in February, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 8.1% annual growth.

The average Coventry house price in February was £231,214, Land Registry figures show – a 1% decrease on January.

Over the month, the picture was worse than that across West Midlands, where prices decreased 0.4%.

Over the last year, the average sale price of property in Coventry rose by £17,000 – putting the area 22nd among West Midlands’s 30 local authorities with price data for annual growth.

The best annual growth in the region was in Malvern Hills, where property prices increased on average by 12.9%, to £347,000. At the other end of the scale, properties in East Staffordshire gained just 4.8% in value, giving an average price of £230,000.

Winners and Losers

Owners of terraced houses fared worst in Coventry in February – they dropped 1.3% in price, to £206,336 on average. But over the last year, prices rose by 8.2%.

Among other types of property:

• Detached: down 0.6% monthly; up 8.8% annually; £447,644 average
• Semi-detached: down 0.9% monthly; up 8.4% annually; £276,927 average
• Flats: down 0.7% monthly; up 6.1% annually; £137,478 average

First steps on the property ladder

First-time buyers in Coventry spent an average of £204,000 on their property – £15,000 more than a year ago, and £43,000 more than in February 2018.

By comparison, former owner-occupiers paid £262,000 on average in February – 28.8% more than first-time buyers.

How do property prices in Coventry compare?

Buyers paid 8.9% less than the average price in West Midlands (£254,000) in February for a property in Coventry. Across West Midlands, property prices are lower than those across the UK, where the average cost £288,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £386,000 on average, and 1.7 times as much as more than in Coventry. Stratford-on-Avon properties cost 2.6 times as much as homes in Stoke (£146,000 average), at the other end of the scale.

The highest property prices across the UK were in 160.

Factfile

Average property price in February

• Coventry: £231,214
• West Midlands:£253,921
• UK: £287,506

Annual growth to February

• Coventry: +8.1%
• West Midlands: +8.6%
• UK: +5.5%

Best and worst annual growth in West Midlands

• Malvern Hills: +12.9%
• East Staffordshire: +4.8%