Warwick house prices increased slightly in December

House prices increased slightly, by 0.5%, in Warwick in December, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 10.7% over the last year.

The average Warwick house price in December was £371,275, Land Registry figures show – a 0.5% increase on November.

Over the month, the picture was similar to that across West Midlands, where prices remained static, and Warwick was above the 0.4% drop for the UK as a whole.

Over the last year, the average sale price of property in Warwick rose by £36,000 – putting the area 22nd among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in Walsall, where property prices increased on average by 17.6%, to £225,000. At the other end of the scale, properties in Wychavon gained 5.3% in value, giving an average price of £340,000.

The average UK house price was £294,000 in December 2022, which was £26,000 higher than 12 months earlier.

It meant prices increased by 9.8% annually in December, slowing from 10.6% annual growth in November, according to the Office for National Statistics.

First steps on the property ladder

First-time buyers in Warwick spent an average of £301,000 on their property – £30,000 more than a year ago, and £49,000 more than in December 2017.

By comparison, former owner-occupiers paid £435,000 on average in December – 44.8% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Warwick in December – they increased 0.6%, to £672,245 on average. Over the last year, prices rose by 11.5%.

Among other types of property:

Semi-detached: up 0.6% monthly; up 11.5% annually; £395,592 averageTerraced: up 0.4% monthly; up 10.9% annually; £325,357 averageFlats: up 0.4% monthly; up 7.5% annually; £219,912 average

How do property prices in Warwick compare?

Buyers paid 44.9% more than the average price in West Midlands (£256,000) in December for a property in Warwick. Across West Midlands, property prices are high compared to those across the UK, where the average cost £294,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £384,000 on average, and 3% more than in Warwick. Stratford-on-Avon properties cost 2.6 times as much as homes in Stoke (£147,000 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: £371,275West Midlands:£256,206UK: £294,329

Annual growth to December

Warwick: +10.7%West Midlands: +10.7%UK: +9.8%

Highest and lowest annual growth in West Midlands

Walsall: +17.6%Wychavon: +5.3%