Warwick house prices increased in December

House prices increased by 1.6% in Warwick in December, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 8.2% annual growth.

The average Warwick house price in December was £348,446, Land Registry figures show – a 1.6% increase on November.

Over the month, the picture was less good than that across West Midlands, where prices increased 2.6%, but Warwick outperformed the 0.8% rise for the UK as a whole.

Over the last year, the average sale price of property in Warwick rose by £26,000 – putting the area 24th among West Midlands’s 30 local authorities with price data for annual growth.

The best annual growth in the region was in Wychavon, where property prices increased on average by 16.6%, to £333,000. At the other end of the scale, properties in North Warwickshire gained just 2.7% in value, giving an average price of £228,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in Warwick in December – they increased 2.3%, to £633,522 on average. Over the last year, prices rose by 13.1%.

Among other types of property:

Semi-detached: up 1.6% monthly; up 9.2% annually; £368,222 averageTerraced: up 1.4% monthly; up 5.9% annually; £302,095 averageFlats: up 0.7% monthly; up 3.1% annually; £211,786 average

First steps on the property ladder

First-time buyers in Warwick spent an average of £281,000 on their property – £19,000 more than a year ago, and £39,000 more than in December 2016.

By comparison, former owner-occupiers paid £410,000 on average in December – 45.6% more than first-time buyers.

How do property prices in Warwick compare?

Buyers paid 46.3% more than the average price in West Midlands (£238,000) in December for a property in Warwick. Across West Midlands, property prices are high compared to those across the UK, where the average cost £275,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £364,000 on average, and 4% more than in Warwick. Stratford-on-Avon properties cost 2.7 times as much as homes in Stoke (£132,000 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 December

Warwick: £348,446West Midlands:£238,238UK: £274,712

Annual growth to December

Warwick: +8.2%West Midlands: +11.5%UK: +10.8%

Best and worst annual growth in West Midlands

Wychavon: +16.6%North Warwickshire: +2.7%