Warwick house prices dropped slightly in March

House prices dropped slightly, by 0.3%, in Warwick in March, new figures show.

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.
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 dropped slightly, by 0.3%, in Warwick in March, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 9% annual growth.

The average Warwick house price in March was £352,750, Land Registry figures show – a 0.3% decrease on February.

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    Over the month, the picture was worse than that across West Midlands, where prices increased 1.1%, and Warwick underperformed compared to the 0.3% rise for the UK as a whole.

    Over the last year, the average sale price of property in Warwick rose by £29,000 – putting the area 23rd among West Midlands’s 30 local authorities with price data for annual growth.

    The best annual growth in the region was in Herefordshire, where property prices increased on average by 15.2%, to £297,000. At the other end of the scale, properties in Staffordshire Moorlands gained just 6% in value, giving an average price of £215,000.

    Winners and Losers

    Owners of flats fared worst in Warwick in March – they dropped 0.7% in price, to £213,503 on average. But over the last year, prices rose by 4.4%.

    Among other types of property:

    Detached: down 0% monthly; up 13.2% annually; £640,792 averageSemi-detached: down 0.1% monthly; up 10.1% annually; £374,146 averageTerraced: down 0.7% monthly; up 6.9% annually; £305,807 average

    First steps on the property ladder

    First-time buyers in Warwick spent an average of £285,000 on their property – £22,000 more than a year ago, and £47,000 more than in March 2017.

    By comparison, former owner-occupiers paid £414,000 on average in March – 45.1% more than first-time buyers.

    How do property prices in Warwick compare?

    Buyers paid 46.7% more than the average price in West Midlands (£241,000) in March for a property in Warwick. Across West Midlands, property prices are high compared to those across the UK, where the average cost £278,000.

    The most expensive properties in West Midlands were in Stratford-on-Avon – £366,000 on average, and 4% more than in Warwick. Stratford-on-Avon properties cost 2.7 times as much as homes in Stoke (£136,000 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 March

    Warwick: £352,750West Midlands:£240,528UK: £278,436

    Annual growth to March

    Warwick: +9%West Midlands: +10.3%UK: +9.8%

    Best and worst annual growth in West Midlands

    Herefordshire: +15.2%Staffordshire Moorlands: +6%