Warwick house prices increased more than West Midlands average in August

House prices increased by 0.8% – more than the average for West Midlands – in Warwick in August, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 5% over the last year.

The average Warwick house price in August was £375,112, Land Registry figures show – a 0.8% increase on July.

Over the month, the picture was similar to that across West Midlands, where prices increased 0.5%, and Warwick was above the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Warwick rose by £18,000 – putting the area third among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in North Warwickshire, where property prices increased on average by 8.2%, to £271,000. At the other end of the scale, properties in Staffordshire Moorlands lost 5% of their value, giving an average price of £220,000.

First steps on the property ladder

First-time buyers in Warwick spent an average of £303,000 on their property – £14,000 more than a year ago, and £50,000 more than in August 2018.

By comparison, former owner-occupiers paid £441,000 on average in August – 45.5% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Warwick in August – they increased 1%, to £398,973 on average. Over the last year, prices rose by 5.2%.

Among other types of property:

• Detached: up 0.9% monthly; up 7% annually; £678,866 average
• Terraced: up 0.8% monthly; up 3.5% annually; £327,531 average
• Flats: up 0.2% monthly; up 4% annually; £224,309 average

How do property prices in Warwick compare?

Buyers paid 48% more than the average price in West Midlands (£254,000) in August for a property in Warwick. 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 Stratford-on-Avon – £384,000 on average, and 2% in Warwick. Stratford-on-Avon 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 (£1.4 million).

Factfile

Average property price in August

• Warwick: £375,112
• West Midlands:£253,519
• UK: £291,044

Annual growth to August

• Warwick: +5%
• West Midlands: +1.1%
• UK: +0.2%

Highest and lowest annual growth in West Midlands

• North Warwickshire: +8.2%
• Staffordshire Moorlands: -5%