North Warwickshire house prices dropped slightly in June
House prices dropped slightly, by 0.4%, in North Warwickshire in June, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 17% over the last year – the highest in West Midlands.
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Hide AdThe average North Warwickshire house price in June was £261,742, Land Registry figures show – a 0.4% decrease on May.
Over the month, the picture was similar to that across West Midlands, where prices remained static, and North Warwickshire was lower than the 1% rise for the UK as a whole.
Over the last year, the average sale price of property in North Warwickshire rose by £38,000 – putting the area top among West Midlands’s 30 local authorities with price data for annual growth.
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 North Warwickshire spent an average of £221,000 on their property – £31,000 more than a year ago, and £53,000 more than in June 2017.
By comparison, former owner-occupiers paid £292,000 on average in June – 32% more than first-time buyers.
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Owners of detached houses saw the biggest fall in property prices North Warwickshire in June – they dropped 1.1% in price, to £406,891 on average. But over the last year, prices rose by 18.6%.
Among other types of property:
Semi-detached: down 0.3% monthly; up 17.6% annually; £252,443 averageTerraced: up 0.2% monthly; up 15.8% annually; £202,885 averageFlats: down 0.1% monthly; up 11.4% annually; £150,423 average
How do property prices in North Warwickshire compare?
Buyers paid 6.4% more than the average price in West Midlands (£246,000) in June for a property in North Warwickshire. Across West Midlands, property prices are higher 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 1.5 times as much as more than in North Warwickshire. 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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Factfile
Average property price in June
North Warwickshire: £261,742West Midlands:£246,114UK: £286,397
Annual growth to June
North Warwickshire: +17%West Midlands: +6.6%UK: +7.8%
Highest and lowest annual growth in West Midlands
North Warwickshire: +17%Staffordshire Moorlands: +3.4%