Coventry house prices increased in June
House prices increased by 1.5% in Coventry in June, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 8.9% over the last year.
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Hide AdThe average Coventry house price in June was £222,686, Land Registry figures show – a 1.5% increase on May.
Over the month, the picture was different to that across West Midlands, where prices remained static, and Coventry was above the 1% rise for the UK as a whole.
Over the last year, the average sale price of property in Coventry rose by £18,000 – putting the area 24th among West Midlands’s 30 local authorities with price data for annual growth.
The highest annual growth in the region was in North Warwickshire, where property prices increased on average by 17%, to £262,000. At the other end of the scale, properties in Staffordshire Moorlands gained 3.4% in value, giving an average price of £215,000.
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Hide AdAn imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.
But activity is starting to slow, with soaring inflation putting household budgets under pressure.
First steps on the property ladder
First-time buyers in Coventry spent an average of £196,000 on their property – £16,000 more than a year ago, and £43,000 more than in June 2017.
By comparison, former owner-occupiers paid £252,000 on average in June – 28.3% more than first-time buyers.
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Owners of terraced houses saw the biggest rise in property prices in Coventry in June – they increased 1.8%, to £199,501 on average. Over the last year, prices rose by 8.9%.
Among other types of property:
Detached: up 0.7% monthly; up 10.5% annually; £426,904 averageSemi-detached: up 1.3% monthly; up 10.1% annually; £265,569 averageFlats: up 1.3% monthly; up 5.1% annually; £133,269 average
How do property prices in Coventry compare?
Buyers paid 9.5% less than the average price in West Midlands (£246,000) in June for a property in Coventry. Across West Midlands, property prices are lower than those across the UK, where the average cost £286,000.
The most expensive properties in West Midlands were in Stratford-on-Avon – £391,000 on average, and 1.8 times as much as more than in Coventry. Stratford-on-Avon properties cost 2.8 times as much as homes in Stoke (£139,000 average), at the other end of the scale.
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Hide AdThe highest property prices across the UK were in Kensington and Chelsea.
Factfile
Average property price in June
Coventry: £222,686West Midlands:£246,114UK: £286,397
Annual growth to June
Coventry: +8.9%West Midlands: +6.6%UK: +7.8%
Highest and lowest annual growth in West Midlands
North Warwickshire: +17%Staffordshire Moorlands: +3.4%