North Warwickshire house prices dropped slightly in June

House prices dropped slightly, by 0.4%, in North Warwickshire in June, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 17% over the last year – the highest in West Midlands.

The average North Warwickshire house price in June was £261,742, Land Registry figures show – a 0.4% decrease on May.

Over the month, the picture was similar to that across West Midlands, where prices remained static, and North Warwickshire was lower than the 1% rise for the UK as a whole.

Over the last year, the average sale price of property in North Warwickshire rose by £38,000 – 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 Staffordshire Moorlands gained 3.4% in value, giving an average price of £215,000.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

But activity is starting to slow, with soaring inflation putting household budgets under pressure.

First steps on the property ladder

First-time buyers in North Warwickshire spent an average of £221,000 on their property – £31,000 more than a year ago, and £53,000 more than in June 2017.

By comparison, former owner-occupiers paid £292,000 on average in June – 32% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices North Warwickshire in June – they dropped 1.1% in price, to £406,891 on average. But over the last year, prices rose by 18.6%.

Among other types of property:

Semi-detached: down 0.3% monthly; up 17.6% annually; £252,443 averageTerraced: up 0.2% monthly; up 15.8% annually; £202,885 averageFlats: down 0.1% monthly; up 11.4% annually; £150,423 average

How do property prices in North Warwickshire compare?

Buyers paid 6.4% more than the average price in West Midlands (£246,000) in June for a property in North Warwickshire. Across West Midlands, property prices are higher than those across the UK, where the average cost £286,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £391,000 on average, and 1.5 times as much as more than in North Warwickshire. Stratford-on-Avon properties cost 2.8 times as much as homes in Stoke (£139,000 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 June

North Warwickshire: £261,742West Midlands:£246,114UK: £286,397

Annual growth to June

North Warwickshire: +17%West Midlands: +6.6%UK: +7.8%

Highest and lowest annual growth in West Midlands

North Warwickshire: +17%Staffordshire Moorlands: +3.4%