North Warwickshire house prices held steady in July

House prices remained steady in North Warwickshire in July, new figures show.

The lack of movement maintains the longer-term trend, which has seen property prices in the area achieve 14.9% annual growth.

The average North Warwickshire house price in July was £262,699, Land Registry figures show –largely unchanged from June.

Over the month, the picture was worse than that across West Midlands, where prices increased 3.8%, and North Warwickshire underperformed compared to the 2% rise for the UK as a whole.

Across the UK, the the average UK house price leapt by 15.5% in the year to July, marking the biggest increase in 19 years.

But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.

Over the last year, the average sale price of property in North Warwickshire rose by £34,000 – putting the area sixth 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 15.6%, to £230,000. At the other end of the scale, properties in Malvern Hills gained just 8.1% in value, giving an average price of £330,000.

Winners and Losers

Owners of semi-detached houses saw the biggest improvement in property prices in North Warwickshire in July – they increased 0.2%, to £253,743 on average. Over the last year, prices rose by 15.4%.

Among other types of property:

Detached: down 0.1% monthly; up 16.7% annually; £408,261 averageTerraced: up 0.1% monthly; up 13.8% annually; £203,436 averageFlats: down 0.3% monthly; up 9% annually; £150,254 average

First steps on the property ladder

First-time buyers in North Warwickshire spent an average of £222,000 on their property – £28,000 more than a year ago, and £56,000 more than in July 2017.

By comparison, former owner-occupiers paid £293,000 on average in July – 32% more than first-time buyers.

How do property prices in North Warwickshire compare?

Buyers paid 2.7% more than the average price in West Midlands (£256,000) in July for a property in North Warwickshire. Across West Midlands, property prices are higher than those across the UK, where the average cost £292,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £394,000 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 (£143,000 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 July

North Warwickshire: £262,699West Midlands:£255,876UK: £292,118

Annual growth to July

North Warwickshire: +14.9%West Midlands: +18%UK: +15.5%

Best and worst annual growth in West Midlands

Nuneaton and Bedworth: +15.6%Malvern Hills: +8.1%