Stratford-on-Avon house prices increased in May

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 2.2% in Stratford-on-Avon in May, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 13.1% over the last year.

The average Stratford-on-Avon house price in May was £384,327, Land Registry figures show – a 2.2% increase on April.

Over the month, the picture was similar to that across West Midlands, where prices increased 2.2%, and Stratford-on-Avon was above the 1.2% rise for the UK as a whole.

Over the last year, the average sale price of property in Stratford-on-Avon rose by £44,000 – putting the area 15th among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in North Warwickshire, where property prices increased on average by 23.1%, to £266,000. At the other end of the scale, properties in Solihull gained 5.8% in value, giving an average price of £320,000.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

But activity is starting to slow, with soaring inflation putting household budgets under pressure.

Sarah Coles, senior personal finance analyst at financial advice company Hargreaves Lansdown, said:“The average house price hit another record high in May, and rose faster than any time since the peak in June last year.

"However, we’re starting to see small changes in the market, which are likely to mean weaker growth in the coming months, especially if interest rates are hiked in August."

First steps on the property ladder

First-time buyers in Stratford-on-Avon spent an average of £298,000 on their property – £33,000 more than a year ago, and £64,000 more than in May 2017.

By comparison, former owner-occupiers paid £432,000 on average in May – 44.8% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Stratford-on-Avon in May – they increased 2.6%, to £287,894 on average. Over the last year, prices rose by 11.1%.

Among other types of property:

Detached: up 2.1% monthly; up 15.1% annually; £607,602 averageSemi-detached: up 2.3% monthly; up 13.4% annually; £359,743 averageFlats: up 1.9% monthly; up 7.3% annually; £186,403 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 May. The average price paid would buy 2.8 homes in Stoke (£139,000), 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 £283,000.

Factfile

Average property price in May

Stratford-on-Avon: £384,327West Midlands:£247,162UK: £283,496

Annual growth to May

Stratford-on-Avon: +13.1%West Midlands: +14%UK: +12.8%

Highest and lowest annual growth in West Midlands

North Warwickshire: +23.1%Solihull: +5.8%