North Warwickshire house prices dropped in May

General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.

House prices dropped by 3.6% in North Warwickshire in May, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 4.7% annual decline – the worst in West Midlands.

The average North Warwickshire house price in May was £241,574, Land Registry figures show – a 3.6% decrease on April.

Over the month, the picture was different to that across West Midlands, where prices increased 0.5%, and North Warwickshire was lower than the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in North Warwickshire fell by £12,000 – putting the area bottom 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 9.1%, to £227,000.

First steps on the property ladder

First-time buyers in North Warwickshire spent an average of £203,000 on their property – £11,000 less than a year ago, but £32,000 more than in May 2018.

By comparison, former owner-occupiers paid £271,000 on average in May – 33.5% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in North Warwickshire in May – they dropped 3.8% in price, to £380,847 on average. Over the last year, prices dropped by 3%.

Among other types of property:

Semi-detached:

Terraced:

Flats:

How do property prices in North Warwickshire compare?

Buyers paid 2.7% less than the average price in West Midlands (£248,000) in May for a property in North Warwickshire. Across West Midlands, property prices are lower than those across the UK, where the average cost is £286,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £383,000 on average, and 1.6 times the price as in North Warwickshire. 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 May

North Warwickshire: £241,574
West Midlands:£248,166
UK: £285,861

Annual change to May

North Warwickshire: -4.7%
West Midlands: +2.2%
UK: +1.9%

Highest and lowest annual growth in West Midlands

Telford and Wrekin: +9.1%
North Warwickshire: -4.7%