Warwick house prices dropped slightly in April

House prices dropped slightly, by 1%, in Warwick in April, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 5.5% over the last year.

The average Warwick house price in April was £366,591, Land Registry figures show – a 1% decrease on March.

Over the month, the picture was different to that across West Midlands, where prices increased 0.8%, and Warwick was lower than the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Warwick rose by £19,000 – putting the area 14th among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in Telford and Wrekin, where property prices increased on average by 9.2%, to £225,000. At the other end of the scale, properties in Herefordshire gained 1.6% in value, giving an average price of £296,000.

First steps on the property ladder

First-time buyers in Warwick spent an average of £296,000 on their property – £14,000 more than a year ago, and £45,000 more than in April 2018.

By comparison, former owner-occupiers paid £431,000 on average in April – 45.6% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in Warwick in April – they dropped 1.4% in price, to £317,923 on average. But over the last year, prices rose by 4.3%.

Among other types of property:

• Detached: down 0.7% monthly; up 7.1% annually; £667,412 average
• Semi-detached: down 1% monthly; up 5.7% annually; £389,680 average
• Flats: down 0.7% monthly; up 3.5% annually; £219,283 average

How do property prices in Warwick compare?

Buyers paid 48.6% more than the average price in West Midlands (£247,000) in April for a property in Warwick. 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 – £395,000 on average, and 8% in Warwick. Stratford-on-Avon properties cost 2.7 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.

Factfile

Average property price in April

• Warwick: £366,591
• West Midlands:£246,765
• UK: £286,489

Annual growth to April

• Warwick: +5.5%
• West Midlands: +3.1%
• UK: +3.5%

Highest and lowest annual growth in West Midlands

• Telford and Wrekin: +9.2%
• Herefordshire: +1.6%