Warwick house prices dropped more than West Midlands average in October

House prices dropped by 2.6% – more than the average for West Midlands – in Warwick in October, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 0.4% over the last year.

The average Warwick house price in October was £362,202, Land Registry figures show – a 2.6% decrease on September.

Over the month, the picture was different to that across West Midlands, where prices decreased 0.5%, and Warwick was lower than the 0.7% drop for the UK as a whole.

Over the last year, the average sale price of property in Warwick rose by £1,600 – putting the area 17th among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in Stratford-on-Avon, where property prices increased on average by 6.9%, to £421,000. At the other end of the scale, properties in Herefordshire lost 4.2% of their value, giving an average price of £297,000.

First steps on the property ladder

First-time buyers in Warwick spent an average of £292,210 on their property – £280 more than a year ago, and £34,470 more than in October 2018.

By comparison, former owner-occupiers paid £426,070 on average in October – 45.8% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in Warwick in October – they dropped 3% in price, to £214,102 on average. Over the last year, prices dropped by 1.2%.

Among other types of property:

• Detached: down 2.1% monthly; up 2.4% annually; £658,420 average
• Semi-detached: down 2.4% monthly; up 1% annually; £387,056 average
• Terraced: down 2.9% monthly; down 0.7% annually; £317,025 average

How do property prices in Warwick compare?

Buyers paid 43.1% more than the average price in West Midlands (£253,000) in October for a property in Warwick. Across West Midlands, property prices are lower than those across the UK, where the average cost is £288,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £421,000 on average, and 1.2 times the price as in Warwick. Stratford-on-Avon properties cost 2.9 times the price as homes in Stoke (£145,000 average), at the other end of the scale.

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

Factfile

Average property price in October

• Warwick: £362,202
• West Midlands:£253,130
• UK: £287,782

Annual change to October

• Warwick: +0.4%
• West Midlands: -0.3%
• UK: -1.2%

Highest and lowest annual growth in West Midlands

• Stratford-on-Avon: +6.9%
• Herefordshire: -4.2%