North Warwickshire house prices increased in November

House prices increased by 1.6% in North Warwickshire in November, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 0.6% annual decline.

The average North Warwickshire house price in November was £260,655, Land Registry figures show – a 1.6% increase on October.

Over the month, the picture was different to that across West Midlands, where prices decreased 3.1%, and North Warwickshire was above the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in North Warwickshire fell by £1,500 – putting the area 11th among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in Wychavon, where property prices increased on average by 6%, to £369,000. At the other end of the scale, properties in South Staffordshire lost 8.6% of their value, giving an average price of £276,000.

First steps on the property ladder

First-time buyers in North Warwickshire spent an average of £219,200 on their property – £2,500 less than a year ago, but £42,100 more than in November 2018.

By comparison, former owner-occupiers paid £292,700 on average in November – 33.6% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in North Warwickshire in November – they increased 2.2%, to £146,021 on average. Over the last year, prices dropped by 2.8%.

Among other types of property:

• Detached: up 1.8% monthly; up 0.9% annually; £409,346 average
• Semi-detached: up 1.5% monthly; down 0.4% annually; £252,471 average
• Terraced: up 1.3% monthly; down 1.9% annually; £200,033 average

How do property prices in North Warwickshire compare?

Buyers paid 7% more than the average price in West Midlands (£244,000) in November for a property in North Warwickshire. Across West Midlands, property prices are lower than those across the UK, where the average cost is £285,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £410,000 on average, and 1.6 times the price as in North Warwickshire. Stratford-on-Avon properties cost 2.9 times the price as homes in Stoke (£139,000 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 November

• North Warwickshire: £260,655
• West Midlands:£243,655
• UK: £284,950

Annual change to November

• North Warwickshire: -0.6%
• West Midlands: -3.4%
• UK: -2.1%

Highest and lowest annual growth in West Midlands

• Wychavon: +6%
• South Staffordshire: -8.6%