Coventry house prices increased more than West Midlands average in February

House prices increased by 1.5% – more than the average for West Midlands – in Coventry in February, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 11.4% annual growth.

The average Coventry house price in February was £219,571, Land Registry figures show – a 1.5% increase on January.

Over the month, the picture was better than that across West Midlands, where prices increased 0.3%, and Coventry outperformed the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Coventry rose by £23,000 – putting the area ninth among West Midlands’s 30 local authorities with price data for annual growth.

The best annual growth in the region was in Nuneaton and Bedworth, where property prices increased on average by 16.2%, to £223,000. At the other end of the scale, properties in Staffordshire Moorlands gained just 4.9% in value, giving an average price of £213,000.

Winners and Losers

Owners of flats saw the biggest improvement in property prices in Coventry in February – they increased 1.8%, to £133,293 on average. Over the last year, prices rose by 8.6%.

Among other types of property:

Detached: up 1.7% monthly; up 14.7% annually; £426,632 averageSemi-detached: up 1.5% monthly; up 12.5% annually; £261,976 averageTerraced: up 1.5% monthly; up 10.8% annually; £195,410 average

First steps on the property ladder

First-time buyers in Coventry spent an average of £193,000 on their property – £19,000 more than a year ago, and £48,000 more than in February 2017.

By comparison, former owner-occupiers paid £249,000 on average in February – 28.8% more than first-time buyers.

How do property prices in Coventry compare?

Buyers paid 7.6% less than the average price in West Midlands (£238,000) in February for a property in Coventry. Across West Midlands, property prices are lower than those across the UK, where the average cost £277,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £360,000 on average, and 1.6 times as much as more than in Coventry. Stratford-on-Avon properties cost 2.7 times as much as homes in Stoke (£136,000 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 February

Coventry: £219,571West Midlands:£237,757UK: £276,755

Annual growth to February

Coventry: +11.4%West Midlands: +10%UK: +10.9%

Best and worst annual growth in West Midlands

Nuneaton and Bedworth: +16.2%Staffordshire Moorlands: +4.9%