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

House prices increased by 1.9% – more than the average for West Midlands – in North Warwickshire in March, new figures show.

File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.
File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.

House prices increased by 1.9% – more than the average for West Midlands – in North Warwickshire in March, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 12.4% annual growth.

The average North Warwickshire house price in March was £251,676, Land Registry figures show – a 1.9% increase on February.

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    Over the month, the picture was better than that across West Midlands, where prices increased 1.1%, and North Warwickshire outperformed 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 £28,000 – putting the area ninth among West Midlands’s 30 local authorities with price data for annual growth.

    The best annual growth in the region was in Herefordshire, where property prices increased on average by 15.2%, to £297,000. At the other end of the scale, properties in Staffordshire Moorlands gained just 6% in value, giving an average price of £215,000.

    Winners and Losers

    Owners of detached houses saw the biggest improvement in property prices in North Warwickshire in March – they increased 2.2%, to £395,957 on average. Over the last year, prices rose by 15.3%.

    Among other types of property:

    Semi-detached: up 2.1% monthly; up 12.7% annually; £242,193 averageTerraced: up 1.6% monthly; up 10.4% annually; £192,835 averageFlats: up 1.2% monthly; up 6.7% annually; £145,123 average

    First steps on the property ladder

    First-time buyers in North Warwickshire spent an average of £212,000 on their property – £22,000 more than a year ago, and £56,000 more than in March 2017.

    By comparison, former owner-occupiers paid £282,000 on average in March – 33.1% more than first-time buyers.

    How do property prices in North Warwickshire compare?

    Buyers paid 4.6% more than the average price in West Midlands (£241,000) in March for a property in North Warwickshire. Across West Midlands, property prices are higher than those across the UK, where the average cost £278,000.

    The most expensive properties in West Midlands were in Stratford-on-Avon – £366,000 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 (£136,000 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 March

    North Warwickshire: £251,676West Midlands:£240,528UK: £278,436

    Annual growth to March

    North Warwickshire: +12.4%West Midlands: +10.3%UK: +9.8%

    Best and worst annual growth in West Midlands

    Herefordshire: +15.2%Staffordshire Moorlands: +6%