16th Dec 2019|News|

Warwickshire property market, what’s the latest?

When selling your home, you’ll be eager to know the current state of your local property market as this will have a bearing on who you target your home towards, how high you set your asking price and how quickly you ultimately sell your home.

With this in mind, what does the Warwickshire property market currently look like?

The county makes up a sizeable chunk of the West Midlands and covers a number of historic areas of repute, including Royal Leamington Spa, Warwick, Nuneaton, Rugby and Stratford-upon Avon. It’s therefore the county which can count itself as the birthplace of William Shakespeare and Rugby football (with the latter founded at Rugby School in the mid-1840s), while also playing host to the University of Warwick – one of the UK’s leading higher education establishments.

A mixed bag for house prices

To rise or not to rise? That is the question! In the case of Stratford-upon-Avon, birthplace of the most famous writer in the English language, house prices are rising – albeit fairly modestly. According to figures from the Land Registry, house prices in the town made famous by the bard rose by 0.7% in the year to August 2019, meaning homes are now worth an average of £320,835.

But growth was stronger in Warwick, which saw a rise of 2.6% to £315,844. In Nuneaton and Rugby, meanwhile, prices fell slightly, according to the findings.

The data also showed the average house price in the area had reached £232,098, just below the average UK price of £235,000.

According to the latest figures from Rightmove, meanwhile, Stratford-Upon-Avon has an overall average price of just over £353,000, up 4% since 2016. Rugby, which has a lower overall average price of just above £261,000, has experienced much larger growth of 21% since 2016, with detached properties the most popular at an average of around £371,000.

Nuneaton, too, has experienced strong price growth since 2016, up by 15% – and is likely to be in demand among first-time buyers and buy-to-let investors looking for a bargain thanks to an average price of only £203,000.

Rightmove also finds that overall sold prices in Warwick over the last year were 11% up on the previous year and 13% up on 2016 levels, with detached properties once again the most popular property type. Semi-detached and terraced properties are also in-demand, with an overall average price of more than £337,000 likely to please sellers.

In a further sign of the area’s price growth in recent years, Leamington Spa, with an overall average price of nearly £350,000, has seen an 8% increase in house prices since 2016. The town is famed for its broad boulevards and Regency architecture, and is home to around 50,000 residents. Its growth and wealth were largely thanks to the natural spa springs that were discovered and commercialised in the 19th century.

Nuneaton’s housing market booms

While the latest figures from the Land Registry suggest house prices in Nuneaton fell back slightly in the year to August, growth before this had been rapid. Earlier this year, analysis of previous Land Registry data revealed that the Warwickshire town saw the third biggest average price rise in 2018 of anywhere in the UK. Only Newport and Merthyr Tydfil – both in south Wales – bettered Nuneaton.

In finding that the average property price in Nuneaton was £181,987 in February 2019, the figures showed that prices had grown by 9.3% (£15,512) on 2017.

Data on the picture since then is conflicting – with Rightmove suggesting prices are now similar to the previous year, while Zoopla says house prices have risen by more than £9,000 (4.29%) in the last 12 months. The Land Registry, by contrast, says there was a fall in the year to August. These variations reflect the different methodologies used as well as other variables, but the general trend in recent years has been for considerable growth in house prices in Nuneaton.

At the same time, it remains pretty affordable for buyers – which means both parties in a sales transaction have plenty to be cheerful about.

Nuneaton, a large market town perhaps best known for its links to the acclaimed Victorian author George Eliot, whose name appears regularly in the town’s infrastructure, is set for significant changes in the coming years as local authorities aim to make it a better place to live, work and commute from. Warwickshire County Council and Nuneaton and Bedworth Borough Council are collaborating to deliver the transformation of Nuneaton town centre, with mixed-use regeneration designed to boost economic growth.

The grand vision is to transform Nuneaton into a prosperous town centre, one where people choose to live, do business, shop and visit.

A county with huge potential

The potential growth of Warwickshire – which is strategically placed in the heart of England, with major cities such as Coventry, Birmingham and Leicester in close proximity, and good access to London by rail and road – was highlighted earlier this year when it was revealed a postcode area which covers Houlton near Rugby saw its average sale price rise nearly seven-fold in 2018.

Overall, 61 properties were sold in 2018 in the CV23 postcode area, with the average price standing at £310,000. That was up from just £46,809, based on nine sales, in 2017, with the reason for the huge increase down to a mini town taking shape in the area. The development, on the site of a former radio station, will see more than 6,200 homes built over a 15-year period – as well as facilities such as schools, parks and a health centre.

While this was a unique case with specific circumstances, it also reflects a wider trend for the county as a whole in recent years – with most of its major locations witnessing promising growth.

This, coupled with ongoing regeneration and increased media exposure as demand rises, is helping Warwickshire – which has so much history and heritage to call on – to really thrive as we enter a new decade. To find out more about getting your home sold in Warwickshire, please get in touch with Centrick today. You can also request a free, instant online valuation to see how much your property could be worth on the current market.