Warwick district sees highest rise in property prices across the West Midlands

House prices increased by 2.5 per cent in the Warwick district in December, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by six per cent over the last year – the highest in West Midlands.

The average Warwick district house price in December 2023 was £383,319, Land Registry figures show – a 2.5 per cent increase on November.

Over the month, the picture was similar to that across West Midlands, where prices increased 2.6 per cent, but the Warwick district - which covers Leamington, Warwick, Whitnash and Kenilworth - was above the 0.1 per cent rise for the UK as a whole.

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

At the other end of the scale, properties in Stoke lost 6.7 per cent of their value, giving an average price of £134,000.

First steps on the property ladder

First-time buyers in the Warwick district spent an average of £311,000 on their property – £17,000 more than a year ago, and £54,000 more than in December 2018.

By comparison, former owner-occupiers paid £449,000 on average in December – 44.6 per cent more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in the Warwick district in December – they increased 2.9 per cent, to £410,927 on average. Over the last year, prices rose by 6.9 per cent.

Among other types of property:

• Detached: up 2.1 per cent monthly; up 6.6 per cent annually; £687,561 average
• Terraced: up 2.2 per cent monthly; up 4.9 per cent annually; £335,178 average
• Flats: up 2.6 per cent monthly; up 5.5 per cent annually; £229,466 average

How do property prices in Warwick compare?

Buyers paid more for properties in Warwick than anywhere else in West Midlands in December. The average price paid would buy 2.9 homes in Stoke (£134,000), at the other end of the scale.

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

Across West Midlands, property prices are lower than those across the UK, where the average cost is £285,000.

Factfile

Average property price in December

• Warwick district: £383,319
• West Midlands: £252,532
• UK: £284,691

Annual change to December

• Warwick: +6 per cent
• West Midlands: +0.3 per cent
• UK: -1.4 per cent

Highest and lowest annual growth in West Midlands

• Warwick: +6 per cent
• Stoke: -6.7 per cent