North Warwickshire house prices increased more than West Midlands average in August

House prices increased by 5% – more than the average for West Midlands – in North Warwickshire in August, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 8.2% over the last year – the highest in West Midlands.

The average North Warwickshire house price in August was £270,982, Land Registry figures show – a 5% increase on July.

Over the month, the picture was different to that across West Midlands, where prices increased 0.5%, and North Warwickshire was above the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in North Warwickshire rose by £21,000 – 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 lost 5% of their value, giving an average price of £220,000.

First steps on the property ladder

First-time buyers in North Warwickshire spent an average of £228,000 on their property – £16,000 more than a year ago, and £54,000 more than in August 2018.

By comparison, former owner-occupiers paid £304,000 on average in August – 33.2% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in North Warwickshire in August – they increased 5.1%, to £425,467 on average. Over the last year, prices rose by 10.5%.

Among other types of property:

How do property prices in North Warwickshire compare?

Buyers paid 6.9% more than the average price in West Midlands (£254,000) in August for a property in North Warwickshire. Across West Midlands, property prices are lower than those across the UK, where the average cost is £291,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £384,000 on average, and 1.4 times the price as in North Warwickshire. Stratford-on-Avon properties cost 2.7 times the price as homes in Stoke (£141,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea (£1.4 million).

Factfile

Average property price in August

• North Warwickshire: £270,982
• West Midlands:£253,519
• UK: £291,044

Annual growth to August

• North Warwickshire: +8.2%
• West Midlands: +1.1%
• UK: +0.2%

Highest and lowest annual growth in West Midlands

• North Warwickshire: +8.2%
• Staffordshire Moorlands: -5%