Nuneaton and Bedworth house prices increased in January

House prices increased by 4.6% in Nuneaton and Bedworth in January, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 20.7% annual growth – the highest in West Midlands.

The average Nuneaton and Bedworth house price in January was £227,006, Land Registry figures show – a 4.6% increase on December.

Over the month, the picture was better than that across West Midlands, where prices decreased 0.1%, and Nuneaton and Bedworth outperformed the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in Nuneaton and Bedworth rose by £39,000 – putting the area top among West Midlands’s 30 local authorities with price data for annual growth.

At the other end of the scale, properties in Walsall gained just 4.7% in value, giving an average price of £189,000.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in Nuneaton and Bedworth in January – they increased 4.8%, to £175,005 on average. Over the last year, prices rose by 18.8%.

Among other types of property:

Detached: up 4.3% monthly; up 24.2% annually; £370,611 averageSemi-detached: up 4.8% monthly; up 20.6% annually; £221,441 averageFlats: up 4.7% monthly; up 15.2% annually; £114,117 average

First steps on the property ladder

First-time buyers in Nuneaton and Bedworth spent an average of £198,000 on their property – £33,000 more than a year ago, and £58,000 more than in January 2017.

By comparison, former owner-occupiers paid £257,000 on average in January – 30% more than first-time buyers.

How do property prices in Nuneaton and Bedworth compare?

Buyers paid 3.7% less than the average price in West Midlands (£236,000) in January for a property in Nuneaton and Bedworth. Across West Midlands, property prices are lower than those across the UK, where the average cost £274,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £364,000 on average, and 1.6 times as much as more than in Nuneaton and Bedworth. Stratford-on-Avon properties cost 2.7 times as much as homes in Stoke (£137,000 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 January

Nuneaton and Bedworth: £227,006West Midlands:£235,809UK: £273,762

Annual growth to January

Nuneaton and Bedworth: +20.7%West Midlands: +10.3%UK: +9.6%

Best and worst annual growth in West Midlands

Nuneaton and Bedworth: +20.7%Walsall: +4.7%