Coventry house prices dropped more than West Midlands average in November

House prices dropped by 0.5% – more than the average for West Midlands – in Coventry in November, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 11.8% over the last year.

The average Coventry house price in November was £234,491, Land Registry figures show – a 0.5% decrease on October.

Over the month, the picture was similar to that across West Midlands, where prices decreased 0.1%, and Coventry was lower than the 0.3% drop for the UK as a whole.

Over the last year, the average sale price of property in Coventry rose by £25,000 – putting the area 18th among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in Malvern Hills, where property prices increased on average by 23.9%, to £368,000. At the other end of the scale, properties in East Staffordshire gained 7.2% in value, giving an average price of £228,000.

The average UK house price edged down to £295,000 in November 2022, from the previous month's record high of £296,000.

Property prices increased by 10.3% in the year to November, slowing from 12.4% in October.

Nathan Emerson, CEO of Propertymark, which represents estate agents, said: "In November, our agents reported a market that was on the cusp of seeing purchasing power handed back to buyers which was a trend we hadn’t seen in months."

And Roger Evans, director of home finance distribution at Gatehouse Bank, said: “The property market is slowly becoming more favourable for buyers in some areas as rates stabilise a little following the turbulence of 2022.”

First steps on the property ladder

First-time buyers in Coventry spent an average of £207,000 on their property – £22,000 more than a year ago, and £48,000 more than in November 2017.

By comparison, former owner-occupiers paid £265,000 on average in November – 28.4% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices Coventry in November – they dropped 0.8% in price, to £138,464 on average. But over the last year, prices rose by 8.2%.

Among other types of property:

Detached: down 0.5% monthly; up 11.5% annually; £451,045 averageSemi-detached: down 0.5% monthly; up 12.2% annually; £280,387 averageTerraced: down 0.4% monthly; up 12.5% annually; £210,168 average

How do property prices in Coventry compare?

Buyers paid 8.7% less than the average price in West Midlands (£257,000) in November for a property in Coventry. Across West Midlands, property prices are lower than those across the UK, where the average cost £295,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £402,000 on average, and 1.7 times as much as more than in Coventry. Stratford-on-Avon properties cost 2.8 times as much as homes in Stoke (£146,000 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

Coventry: £234,491West Midlands:£256,937UK: £294,910

Annual growth to November

Coventry: +11.8%West Midlands: +12.3%UK: +10.3%

Highest and lowest annual growth in West Midlands

Malvern Hills: +23.9%East Staffordshire: +7.2%