Warwick house prices increased in June

File photo dated 14/10/14 of sold and for sale signs. House prices across the UK are expected to increase by 4 percent this year, according to a property group's forecasts. Issue date: Tuesday March 9, 2021.

House prices increased by 1.2% in Warwick in June, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 3.1% annual growth – though still the lowest in the West Midlands.

The average Warwick house price in June was £324,956.7099, Land Registry figures show – a 1.2% increase on May.

Over the month, the picture was less good than that across the West Midlands, where prices increased 5.6678457%, and Warwick underperformed compared to the 4.4989563% rise for the UK as a whole.

Over the last year, the average sale price of property in Warwick rose by £9,900 – putting the area bottom among the West Midlands’s 34 local authorities for annual growth.

The best annual growth in the region was in Shropshire, where property prices increased on average by 20.9%, to £256,000.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in Warwick in June – they increased 1.3%, to £285,886.071 on average. Over the last year, prices rose by 3.4%.

Among other types of property:

Detached: up 1.1% monthly; up 4.3% annually; £572,334.0987 averageSemi-detached: up 1.1% monthly; up 3.1% annually; £341,501.504 averageFlats: up 1.2% monthly; up 1.1% annually; £204,539.0838 average

First steps on the property ladder

First-time buyers in Warwick spent an average of £264,600 on their property – £7,000 more than a year ago, and £32,500 more than in June 2016.

By comparison, former owner-occupiers paid £379,000 on average in June – 43.2% more than first-time buyers.

How do property prices in Warwick compare?

Buyers paid 40.4% more than the average price in the West Midlands (£231,000) in June for a property in Warwick. Across the West Midlands, property prices are high compared to those across the UK, where the average cost £266,000.

The most expensive properties in the West Midlands were in Stratford-on-Avon – £342,000 on average, and 5% in Warwick. Stratford-on-Avon properties cost 2.7 times as much as homes in Stoke (£126,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average June sale price of £1.2 million could buy 13 properties in Burnley (average £99,000).

Factfile

Average property price in June

Warwick: £324,956.7099The West Midlands:£231,428.6977UK: £265,668.1787

Annual growth to June

Warwick: +3.1%The West Midlands: +15%UK: +13.2%

Best and worst annual growth in the West Midlands

Shropshire: +20.9%Warwick: +3.1%