Coventry house prices dropped more than West Midlands average in September

House prices dropped by 0.8% – more than the average for West Midlands – in Coventry in September, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 2% annual decline.

The average Coventry house price in September was £226,991, Land Registry figures show – a 0.8% decrease on August.

Over the month, the picture was different to that across West Midlands, where prices decreased 0.2%, and Coventry was lower than the 0.5% drop for the UK as a whole.

Over the last year, the average sale price of property in Coventry fell by £4,700 – putting the area 25th among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in Cannock Chase, where property prices increased on average by 8.1%, to £243,000. At the other end of the scale, properties in Staffordshire Moorlands lost 6.9% of their value, giving an average price of £221,000.

First steps on the property ladder

First-time buyers in Coventry spent an average of £199,700 on their property – £4,600 less than a year ago, but £34,800 more than in September 2018.

By comparison, former owner-occupiers paid £257,600 on average in September – 29% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in Coventry in September – they dropped 1.2% in price, to £134,551 on average. Over the last year, prices dropped by 2.3%.

Among other types of property:

• Detached: down 0.6% monthly; down 0.3% annually; £439,945 average
• Semi-detached: down 0.7% monthly; down 1.5% annually; £272,391 average
• Terraced: down 0.7% monthly; down 2.6% annually; £202,540 average

How do property prices in Coventry compare?

Buyers paid 10.5% less than the average price in West Midlands (£254,000) in September for a property in Coventry. Across West Midlands, property prices are lower than those across the UK, where the average cost is £291,000.

The most expensive properties in West Midlands were in Warwick – £377,000 on average, and 1.7 times the price as in Coventry. Warwick properties cost 2.7 times the price as homes in Stoke (£141,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in September

• Coventry: £226,991
• West Midlands:£253,624
• UK: £291,385

Annual change to September

• Coventry: -2%
• West Midlands: +0.5%
• UK: -0.1%

Highest and lowest annual growth in West Midlands

• Cannock Chase: +8.1%
• Staffordshire Moorlands: -6.9%