North Warwickshire house prices dropped slightly in October

House prices dropped slightly, by 0.6%, in North Warwickshire in October, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 11.4% over the last year.

The average North Warwickshire house price in October was £261,628, Land Registry figures show – a 0.6% decrease on September.

Over the month, the picture was different to that across West Midlands, where prices increased 0.9%, and North Warwickshire was lower than the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in North Warwickshire rose by £27,000 – 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 18.2%, to £356,000. At the other end of the scale, properties in Warwick gained 9.1% in value, giving an average price of £372,000.

Average UK house prices increased by 12.6% in the year to October, accelerating from 9.9% in September.

The increase in the annual percentage change was partly caused by a sharp fall in average house prices in October 2021, following changes to stamp duty.

The average UK house price was £296,400 in October, which was £33,000 higher than a year earlier.

Tom Bill, head of UK residential research at Knight Frank, said: “Despite today’s figures, double-digit UK house price growth is now a thing of the past.

“Even as the reverberations of the mini-budget fade, a more adverse lending landscape is emerging after 13 years of ultra-low rates."

First steps on the property ladder

First-time buyers in North Warwickshire spent an average of £221,000 on their property – £22,000 more than a year ago, and £53,000 more than in October 2017.

By comparison, former owner-occupiers paid £293,000 on average in October – 32.4% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices North Warwickshire in October – they dropped 1.2% in price, to £147,891 on average. But over the last year, prices rose by 6.5%.

Among other types of property:

Detached: down 0.3% monthly; up 12.1% annually; £408,025 averageSemi-detached: down 0.7% monthly; up 11.6% annually; £252,588 averageTerraced: down 0.8% monthly; up 11.3% annually; £202,466 average

How do property prices in North Warwickshire compare?

Buyers paid 1.7% more than the average price in West Midlands (£257,000) in October for a property in North Warwickshire. Across West Midlands, property prices are roughly the same as those across the UK, where the average cost £296,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £405,000 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 (£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 October

North Warwickshire: £261,628West Midlands:£257,382UK: £296,422

Annual growth to October

North Warwickshire: +11.4%West Midlands: +14.6%UK: +12.6%

Highest and lowest annual growth in West Midlands

Malvern Hills: +18.2%Warwick: +9.1%