Warwick house prices dropped more than West Midlands average in October
House prices dropped by 2.6% – more than the average for West Midlands – in Warwick in October, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 0.4% over the last year.
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Hide AdThe average Warwick house price in October was £362,202, Land Registry figures show – a 2.6% decrease on September.
Over the month, the picture was different to that across West Midlands, where prices decreased 0.5%, and Warwick was lower than the 0.7% drop for the UK as a whole.
Over the last year, the average sale price of property in Warwick rose by £1,600 – putting the area 17th among West Midlands’s 30 local authorities with price data for annual growth.
The highest annual growth in the region was in Stratford-on-Avon, where property prices increased on average by 6.9%, to £421,000. At the other end of the scale, properties in Herefordshire lost 4.2% of their value, giving an average price of £297,000.
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First-time buyers in Warwick spent an average of £292,210 on their property – £280 more than a year ago, and £34,470 more than in October 2018.
By comparison, former owner-occupiers paid £426,070 on average in October – 45.8% more than first-time buyers.
Property types
Owners of flats saw the biggest fall in property prices in Warwick in October – they dropped 3% in price, to £214,102 on average. Over the last year, prices dropped by 1.2%.
Among other types of property:
- Detached: down 2.1% monthly; up 2.4% annually; £658,420 average
- Semi-detached: down 2.4% monthly; up 1% annually; £387,056 average
- Terraced: down 2.9% monthly; down 0.7% annually; £317,025 average
How do property prices in Warwick compare?
Buyers paid 43.1% more than the average price in West Midlands (£253,000) in October for a property in Warwick. Across West Midlands, property prices are lower than those across the UK, where the average cost is £288,000.
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Hide AdThe most expensive properties in West Midlands were in Stratford-on-Avon – £421,000 on average, and 1.2 times the price as in Warwick. Stratford-on-Avon properties cost 2.9 times the price as homes in Stoke (£145,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, at £1.4 million.
Factfile
Average property price in October
- Warwick: £362,202
- West Midlands:£253,130
- UK: £287,782
Annual change to October
- Warwick: +0.4%
- West Midlands: -0.3%
- UK: -1.2%
Highest and lowest annual growth in West Midlands
- Stratford-on-Avon: +6.9%
- Herefordshire: -4.2%