Warwick house prices dropped more than West Midlands average in January

House prices dropped by 0.5% – more than the average for West Midlands – in Warwick in January, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 6.1% annual growth.

The average Warwick house price in January was £345,413, Land Registry figures show – a 0.5% decrease on December.

Over the month, the picture was similar to that across West Midlands, where prices decreased 0.1%, and Warwick underperformed compared to the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in Warwick rose by £20,000 – putting the area 28th among West Midlands’s 30 local authorities with price data for annual growth.

The best annual growth in the region was in Nuneaton and Bedworth, where property prices increased on average by 20.7%, to £227,000. 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 detached houses fared worst in Warwick in January – they dropped 0.9% in price, to £623,658 on average. But over the last year, prices rose by 10%.

Among other types of property:

Semi-detached: down 0.4% monthly; up 7% annually; £365,228 averageTerraced: down 0.4% monthly; up 4.5% annually; £300,764 averageFlats: down 0.1% monthly; up 1.7% annually; £210,691 average

First steps on the property ladder

First-time buyers in Warwick spent an average of £279,000 on their property – £14,000 more than a year ago, and £38,000 more than in January 2017.

By comparison, former owner-occupiers paid £406,000 on average in January – 45.5% more than first-time buyers.

How do property prices in Warwick compare?

Buyers paid 46.5% more than the average price in West Midlands (£236,000) in January for a property in Warwick. Across West Midlands, property prices are high compared to 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 5% more than in Warwick. 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

Warwick: £345,413West Midlands:£235,809UK: £273,762

Annual growth to January

Warwick: +6.1%West Midlands: +10.3%UK: +9.6%

Best and worst annual growth in West Midlands

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