Coventry house prices dropped more than West Midlands average in October

House prices dropped by 1.3% – more than the average for West Midlands – in Coventry in October, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 3.4% annual decline.

The average Coventry house price in October was £224,988, Land Registry figures show – a 1.3% decrease on September.

Over the month, the picture was different to that across West Midlands, where prices decreased 0.5%, and Coventry was lower than the 0.7% drop for the UK as a whole.

Over the last year, the average sale price of property in Coventry fell by £7,900 – putting the area 27th among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in Stratford-on-Avon, where property prices increased on average by 6.9%, to £421,000. At the other end of the scale, properties in Herefordshire lost 4.2% of their value, giving an average price of £297,000.

First steps on the property ladder

First-time buyers in Coventry spent an average of £197,900 on their property – £7,400 less than a year ago, but £31,600 more than in October 2018.

By comparison, former owner-occupiers paid £255,300 on average in October – 29% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in Coventry in October – they dropped 1.5% in price, to £132,378 on average. Over the last year, prices dropped by 4.2%.

Among other types of property:

• Detached: down 0.8% monthly; down 1.8% annually; £436,763 average
• Semi-detached: down 1.1% monthly; down 2.5% annually; £271,302 average
• Terraced: down 1.4% monthly; down 4.1% annually; £200,585 average

How do property prices in Coventry compare?

Buyers paid 11.1% less than the average price in West Midlands (£253,000) in October for a property in Coventry. Across West Midlands, property prices are lower than those across the UK, where the average cost is £288,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £421,000 on average, and 1.9 times the price as in Coventry. Stratford-on-Avon properties cost 2.9 times the price as homes in Stoke (£145,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, at £1.4 million.

Factfile

Average property price in October

• Coventry: £224,988
• West Midlands:£253,130
• UK: £287,782

Annual change to October

• Coventry: -3.4%
• West Midlands: -0.3%
• UK: -1.2%

Highest and lowest annual growth in West Midlands

• Stratford-on-Avon: +6.9%
• Herefordshire: -4.2%