Nuneaton and Bedworth house prices dropped slightly in October

House prices dropped slightly, by 0.1%, in Nuneaton and Bedworth 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 12.7% over the last year.

The average Nuneaton and Bedworth house price in October was £234,903, Land Registry figures show – a 0.1% decrease on September.

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

Over the last year, the average sale price of property in Nuneaton and Bedworth rose by £26,000 – putting the area 18th 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 Nuneaton and Bedworth spent an average of £205,000 on their property – £23,000 more than a year ago, and £60,000 more than in October 2017.

By comparison, former owner-occupiers paid £265,000 on average in October – 29.2% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices Nuneaton and Bedworth in October – they dropped 0.8% in price, to £115,253 on average. But over the last year, prices rose by 8.5%.

Among other types of property:

Detached: up 0.4% monthly; up 13.4% annually; £379,841 averageSemi-detached: down 0.3% monthly; up 12.8% annually; £229,763 averageTerraced: down 0.2% monthly; up 12.8% annually; £183,396 average

How do property prices in Nuneaton and Bedworth compare?

Buyers paid 8.7% less than the average price in West Midlands (£257,000) in October for a property in Nuneaton and Bedworth. Across West Midlands, property prices are lower than 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 1.7 times as much as more than in Nuneaton and Bedworth. 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

Nuneaton and Bedworth: £234,903West Midlands:£257,382UK: £296,422

Annual growth to October

Nuneaton and Bedworth: +12.7%West Midlands: +14.6%UK: +12.6%

Highest and lowest annual growth in West Midlands

Malvern Hills: +18.2%Warwick: +9.1%