North Warwickshire house prices dropped in March

House prices dropped by 3.7% in North Warwickshire in March, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 6.1% over the last year.

The average North Warwickshire house price in March was £255,543, Land Registry figures show – a 3.7% decrease on February.

Over the month, the picture was similar to that across West Midlands, where prices decreased 4%, but North Warwickshire was lower than the 1.2% drop for the UK as a whole.

Over the last year, the average sale price of property in North Warwickshire rose by £15,000 – putting the area 21st among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in Nuneaton and Bedworth, where property prices increased on average by 11.4%, to £243,000. At the other end of the scale, properties in Newcastle-under-Lyme gained 2.6% in value, giving an average price of £189,000.

First steps on the property ladder

First-time buyers in North Warwickshire spent an average of £215,000 on their property – £11,000 more than a year ago, and £39,000 more than in March 2018.

By comparison, former owner-occupiers paid £287,000 on average in March – 33.6% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices North Warwickshire in March – they dropped 4.4% in price, to £195,084 on average. But over the last year, prices rose by 5.1%.

Among other types of property:

• Detached: down 3% monthly; up 8.1% annually; £404,392 average
• Semi-detached: down 3.8% monthly; up 5.8% annually; £246,312 average
• Flats: down 4.1% monthly; up 2.9% annually; £144,754 average

How do property prices in North Warwickshire compare?

Buyers paid 4.2% more than the average price in West Midlands (£245,000) in March for a property in North Warwickshire. Across West Midlands, property prices are higher than those across the UK, where the average cost £285,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £387,000 on average, and 1.5 times as much as more than in North Warwickshire. Stratford-on-Avon properties cost 2.7 times as much as homes in Stoke (£145,000 average), at the other end of the scale.

The highest property prices across the UK were in E09000020.

Factfile

Average property price in March

• North Warwickshire: £255,543
• West Midlands:£245,132
• UK: £285,009

Annual growth to March

• North Warwickshire: +6.1%
• West Midlands: +3.4%
• UK: +4.1%

Highest and lowest annual growth in West Midlands

• Nuneaton and Bedworth: +11.4%
• Newcastle-under-Lyme: +2.6%