Warwickshire house prices increased in August

House prices increased by 2.3% in Warwickshire in August, new figures show.

File photo dated 14/10/14 of sold and for sale signs. A scramble by buyers to complete before the stamp duty holiday started winding down pushed UK house prices to a record high in June, official figures show. House prices rose by 13.2% over the year to June, faster than at any point since November 2004, according to the Office for National Statistics (ONS). Issue date: Wednesday August 18, 2021.

House prices increased by 2.3% in Warwickshire in August, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 13% annual growth.

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The average Warwickshire house price in August was £288,985, Land Registry figures show – a 2.3% increase on July.

Over the month, the picture was less good than that across the West Midlands, where prices increased 2.9%, and Warwickshire underperformed compared to the 2.9% rise for the UK as a whole.

Over the last year, the average sale price of property in Warwickshire rose by £33,000 – putting the area 15th among the West Midlands’s 34 local authorities for annual growth.

The best annual growth in the region was in Wychavon, where property prices increased on average by 21.3%, to £335,000. At the other end of the scale, properties in Herefordshire gained 6.6% in value, giving an average price of £263,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in Warwickshire in August – they increased 2.9%, to £476,889 on average. Over the last year, prices rose by 16%.

Among other types of property:

Semi-detached: up 2.2% monthly; up 12.6% annually; £275,542 averageTerraced: up 1.7% monthly; up 11.4% annually; £223,918 averageFlats: up 1.8% monthly; up 8.3% annually; £178,017 average

First steps on the property ladder

First-time buyers in Warwickshire spent an average of £232,000 on their property – £25,000 more than a year ago, and £47,000 more than in August 2016.

By comparison, former owner-occupiers paid £336,000 on average in August – 45.1% more than first-time buyers.

How do property prices in Warwickshire compare?

Buyers paid 26.4% more than the average price in the West Midlands (£229,000) in August for a property in Warwickshire. Across the West Midlands, property prices are higher than those across the UK, where the average cost £264,000.

The most expensive properties in the West Midlands were in Stratford-on-Avon – £380,000 on average, and 1.3 times as much as in Warwickshire. Stratford-on-Avon properties cost 2.8 times as much as homes in Stoke (£133,000 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 August

Warwickshire: £288,985The West Midlands:£228,593UK: £264,244

Annual growth to August

Warwickshire: +13%The West Midlands: +11%UK: +10.6%

Best and worst annual growth in the West Midlands

Wychavon: +21.3%Herefordshire: +6.6%