Warwick house prices increased more than West Midlands average in October

House prices increased by 1.2% – more than the average for West Midlands – in Warwick in October, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 9.1% over the last year – though still the lowest in West Midlands.

The average Warwick house price in October was £372,083, Land Registry figures show – a 1.2% increase on September.

Over the month, the picture was similar to that across West Midlands, where prices increased 0.9%, and Warwick was above the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Warwick rose by £31,000 – putting the area bottom among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in Malvern Hills, where property prices increased on average by 18.2%, to £356,000.

Average UK house prices increased by 12.6% in the year to October, accelerating from 9.9% in September.

The increase in the annual percentage change was partly caused by a sharp fall in average house prices in October 2021, following changes to stamp duty.

The average UK house price was £296,400 in October, which was £33,000 higher than a year earlier.

Tom Bill, head of UK residential research at Knight Frank, said: “Despite today’s figures, double-digit UK house price growth is now a thing of the past.

“Even as the reverberations of the mini-budget fade, a more adverse lending landscape is emerging after 13 years of ultra-low rates."

First steps on the property ladder

First-time buyers in Warwick spent an average of £301,000 on their property – £25,000 more than a year ago, and £52,000 more than in October 2017.

By comparison, former owner-occupiers paid £437,000 on average in October – 45.1% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Warwick in October – they increased 1.5%, to £671,143 on average. Over the last year, prices rose by 10%.

Among other types of property:

Semi-detached: up 1.1% monthly; up 9.9% annually; £395,834 averageTerraced: up 1% monthly; up 9.4% annually; £327,381 averageFlats: up 0.8% monthly; up 5.7% annually; £221,145 average

How do property prices in Warwick compare?

Buyers paid 44.6% more than the average price in West Midlands (£257,000) in October for a property in Warwick. Across West Midlands, property prices are high compared to those across the UK, where the average cost £296,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £405,000 on average, and 9% more than in Warwick. Stratford-on-Avon properties cost 2.8 times as much as homes in Stoke (£146,000 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 October

Warwick: £372,083West Midlands:£257,382UK: £296,422

Annual growth to October

Warwick: +9.1%West Midlands: +14.6%UK: +12.6%

Highest and lowest annual growth in West Midlands

Malvern Hills: +18.2%Warwick: +9.1%