Stratford-on-Avon house prices dropped more than West Midlands average in November

House prices dropped by 0.3% – more than the average for West Midlands – in Stratford-on-Avon in November, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 11.4% over the last year.

The average Stratford-on-Avon house price in November was £402,124, Land Registry figures show – a 0.3% decrease on October.

Over the month, the picture was similar to that across West Midlands, where prices decreased 0.1%.

Over the last year, the average sale price of property in Stratford-on-Avon rose by £41,000 – putting the area 20th 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 23.9%, to £368,000. At the other end of the scale, properties in East Staffordshire gained 7.2% in value, giving an average price of £228,000.

The average UK house price edged down to £295,000 in November 2022, from the previous month's record high of £296,000.

Property prices increased by 10.3% in the year to November, slowing from 12.4% in October.

Nathan Emerson, CEO of Propertymark, which represents estate agents, said: "In November, our agents reported a market that was on the cusp of seeing purchasing power handed back to buyers which was a trend we hadn’t seen in months."

And Roger Evans, director of home finance distribution at Gatehouse Bank, said: “The property market is slowly becoming more favourable for buyers in some areas as rates stabilise a little following the turbulence of 2022.”

First steps on the property ladder

First-time buyers in Stratford-on-Avon spent an average of £312,000 on their property – £32,000 more than a year ago, and £66,000 more than in November 2017.

By comparison, former owner-occupiers paid £452,000 on average in November – 45% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices Stratford-on-Avon in November – they dropped 0.5% in price, to £192,055 on average. But over the last year, prices rose by 7.3%.

Among other types of property:

Detached: down 0.4% monthly; up 11.9% annually; £634,905 averageSemi-detached: down 0.2% monthly; up 12% annually; £377,739 averageTerraced: down 0.4% monthly; up 11.3% annually; £302,359 average

How do property prices in Stratford-on-Avon compare?

Buyers paid more for properties in Stratford-on-Avon than anywhere else in West Midlands in November. The average price paid would buy 2.8 homes in Stoke (£146,000), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Across West Midlands, property prices are high compared to those across the UK, where the average cost £295,000.

Factfile

Average property price in November

Stratford-on-Avon: £402,124West Midlands:£256,937UK: £294,910

Annual growth to November

Stratford-on-Avon: +11.4%West Midlands: +12.3%UK: +10.3%

Highest and lowest annual growth in West Midlands

Malvern Hills: +23.9%East Staffordshire: +7.2%