North Warwickshire house prices dropped slightly in November

House prices dropped slightly, by 0.1%, in North Warwickshire 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 10% over the last year.

The average North Warwickshire house price in November was £256,854, Land Registry figures show – a 0.1% decrease on October.

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

Over the last year, the average sale price of property in North Warwickshire rose by £23,000 – putting the area 25th 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 North Warwickshire spent an average of £217,000 on their property – £20,000 more than a year ago, and £47,000 more than in November 2017.

By comparison, former owner-occupiers paid £287,000 on average in November – 32.5% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices North Warwickshire in November – they dropped 0.4% in price, to £144,997 on average. But over the last year, prices rose by 5.3%.

Among other types of property:

Detached: down 0% monthly; up 10.5% annually; £400,676 averageSemi-detached: down 0.2% monthly; up 10.4% annually; £248,073 averageTerraced: down 0.2% monthly; up 10.1% annually; £198,666 average

How do property prices in North Warwickshire compare?

Buyers paid roughly the same as the average price in West Midlands (£257,000) in November for a property in North Warwickshire. Across West Midlands, property prices are roughly the same as 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 1.6 times as much as more than in North Warwickshire. 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

North Warwickshire: £256,854West Midlands:£256,937UK: £294,910

Annual growth to November

North Warwickshire: +10%West Midlands: +12.3%UK: +10.3%

Highest and lowest annual growth in West Midlands

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