North Warwickshire house prices increased more than West Midlands average in June

House prices increased by 4.2% – more than the average for West Midlands – in North Warwickshire in June, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 2.3% over the last year.

The average North Warwickshire house price in June was £260,740, Land Registry figures show – a 4.2% increase on May.

Over the month, the picture was different to that across West Midlands, where prices increased 0.7%, and North Warwickshire was above the 0.7% rise for the UK as a whole.

Over the last year, the average sale price of property in North Warwickshire rose by £5,800 – putting the area 16th among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in Newcastle-under-Lyme, where property prices increased on average by 8.1%, to £204,000. At the other end of the scale, properties in Staffordshire Moorlands lost 0.1% of their value, giving an average price of £224,000.

First steps on the property ladder

First-time buyers in North Warwickshire spent an average of £219,800 on their property – £4,100 more than a year ago, and £48,900 more than in June 2018.

By comparison, former owner-occupiers paid £292,100 on average in June – 32.9% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in North Warwickshire in June – they increased 4.6%, to £149,405 on average. Over the last year, prices rose by 0.9%.

Among other types of property:

• Detached: up 3.8% monthly; up 3.7% annually; £408,161 average
• Semi-detached: up 4.2% monthly; up 2.2% annually; £251,828 average
• Terraced: up 4.6% monthly; up 0.9% annually; £200,183 average

How do property prices in North Warwickshire compare?

Buyers paid 4% more than the average price in West Midlands (£251,000) in June for a property in North Warwickshire. Across West Midlands, property prices are lower than those across the UK, where the average cost is £288,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £400,000 on average, and 1.5 times the price as in North Warwickshire. Stratford-on-Avon properties cost 2.8 times the price as homes in Stoke (£144,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, with an average price of £1.3 million.

Factfile

Average property price in June

• North Warwickshire: £260,740
• West Midlands:£250,743
• UK: £287,546

Annual growth to June

• North Warwickshire: +2.3%
• West Midlands: +3.2%
• UK: +1.7%

Highest and lowest annual growth in West Midlands

• Newcastle-under-Lyme: +8.1%
• Staffordshire Moorlands: -0.1%