Warwick house prices increased more than West Midlands average in June

House prices increased by 1.1% – more than the average for West Midlands – in Warwick in June, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 4.2% over the last year.

The average Warwick house price in June was £368,872, Land Registry figures show – a 1.1% increase on May.

Over the month, the picture was similar to that across West Midlands, where prices increased 0.7%, and Warwick was above the 0.7% rise for the UK as a whole.

Over the last year, the average sale price of property in Warwick rose by £15,000 – putting the area seventh among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in Newcastle-under-Lyme, where property prices increased on average by 8.1%, to £204,000. At the other end of the scale, properties in Staffordshire Moorlands lost 0.1% of their value, giving an average price of £224,000.

First steps on the property ladder

First-time buyers in Warwick spent an average of £298,000 on their property – £11,000 more than a year ago, and £49,000 more than in June 2018.

By comparison, former owner-occupiers paid £433,000 on average in June – 45.2% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Warwick in June – they increased 1.4%, to £321,259 on average. Over the last year, prices rose by 2.8%.

Among other types of property:

• Detached: up 0.7% monthly; up 5.4% annually; £666,037 average
• Semi-detached: up 1.1% monthly; up 4.2% annually; £391,375 average
• Flats: up 1.3% monthly; up 3.4% annually; £222,164 average

How do property prices in Warwick compare?

Buyers paid 47.1% more than the average price in West Midlands (£251,000) in June 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 – £400,000 on average, and 8% in Warwick. Stratford-on-Avon properties cost 2.8 times the price as homes in Stoke (£144,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, with an average price of £1.3 million.

Factfile

Average property price in June

• Warwick: £368,872
• West Midlands:£250,743
• UK: £287,546

Annual growth to June

• Warwick: +4.2%
• West Midlands: +3.2%
• UK: +1.7%

Highest and lowest annual growth in West Midlands

• Newcastle-under-Lyme: +8.1%
• Staffordshire Moorlands: -0.1%