Warwick house prices increased slightly in July

House prices increased slightly, by 0.4%, in Warwick in July, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 12% annual growth.

The average Warwick house price in July was £364,007, Land Registry figures show –a 0.4% increase on June.

Over the month, the picture was less good than that across West Midlands, where prices increased 3.8%, and Warwick underperformed compared to the 2% rise for the UK as a whole.

Across the UK, the the average UK house price leapt by 15.5% in the year to July, marking the biggest increase in 19 years.

But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.

Over the last year, the average sale price of property in Warwick rose by £39,000 – putting the area 22nd among West Midlands’s 30 local authorities with price data for annual growth.

The best annual growth in the region was in Nuneaton and Bedworth, where property prices increased on average by 15.6%, to £230,000. At the other end of the scale, properties in Malvern Hills gained just 8.1% in value, giving an average price of £330,000.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in Warwick in July – they increased 0.5%, to £320,168 on average. Over the last year, prices rose by 11.6%.

Among other types of property:

Detached: up 0.2% monthly; up 14.2% annually; £654,122 averageSemi-detached: up 0.5% monthly; up 13.3% annually; £387,218 averageFlats: up 0.2% monthly; up 7.1% annually; £217,839 average

First steps on the property ladder

First-time buyers in Warwick spent an average of £295,000 on their property – £30,000 more than a year ago, and £49,000 more than in July 2017.

By comparison, former owner-occupiers paid £427,000 on average in July – 45% more than first-time buyers.

How do property prices in Warwick compare?

Buyers paid 42.3% more than the average price in West Midlands (£256,000) in July for a property in Warwick. Across West Midlands, property prices are high compared to those across the UK, where the average cost £292,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £394,000 on average, and 8% more than in Warwick. Stratford-on-Avon properties cost 2.7 times as much as homes in Stoke (£143,000 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 July

Warwick: £364,007West Midlands:£255,876UK: £292,118

Annual growth to July

Warwick: +12%West Midlands: +18%UK: +15.5%

Best and worst annual growth in West Midlands

Nuneaton and Bedworth: +15.6%Malvern Hills: +8.1%