Warwick house prices increased slightly in March

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

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 8.4% over the last year.

The average Warwick house price in March was £372,427, Land Registry figures show – a 0.5% increase on February.

Over the month, the picture was different to that across West Midlands, where prices decreased 4%, and Warwick was above the 1.2% drop 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 10th among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in Nuneaton and Bedworth, where property prices increased on average by 11.4%, to £243,000. At the other end of the scale, properties in Newcastle-under-Lyme gained 2.6% in value, giving an average price of £189,000.

First steps on the property ladder

First-time buyers in Warwick spent an average of £301,000 on their property – £22,000 more than a year ago, and £53,000 more than in March 2018.

By comparison, former owner-occupiers paid £438,000 on average in March – 45.6% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Warwick in March – they increased 1.2%, to £677,795 on average. Over the last year, prices rose by 9.9%.

Among other types of property:

How do property prices in Warwick compare?

Buyers paid 51.9% more than the average price in West Midlands (£245,000) in March for a property in Warwick. Across West Midlands, property prices are high compared to those across the UK, where the average cost £285,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £387,000 on average, and 4% more than in Warwick. Stratford-on-Avon properties cost 2.7 times as much as homes in Stoke (£145,000 average), at the other end of the scale.

The highest property prices across the UK were in E09000020.

Factfile

Average property price in March

• Warwick: £372,427
• West Midlands:£245,132
• UK: £285,009

Annual growth to March

• Warwick: +8.4%
• West Midlands: +3.4%
• UK: +4.1%

Highest and lowest annual growth in West Midlands

• Nuneaton and Bedworth: +11.4%
• Newcastle-under-Lyme: +2.6%