House prices increased more than average for the West Midlands in the Rugby borough in May, new figures show.
The increase contributes to the longer-term trend, which has seen property prices in the area achieve 5.7% annual growth.
The average Rugby house price in May was £245,959, Land Registry figures show – a 2.5% increase on April.
Over the month, the picture was better than that across the West Midlands, where prices increased 1.5%, and the Rugby borough outperformed the 0.3% rise for the UK as a whole.
Over the last year, the average sale price of property in Rugby rose by £13,000 – putting the area sixth among the West Midlands’s 30 local authorities for annual growth.
The best annual growth in the region was in Staffordshire Moorlands, where properties increased on average by 8.3%, to £190,000. At the other end of the scale, properties in North Warwickshire dropped 1.0% in value, giving an average price of £202,000.
Winners and Losers
Owners of detached houses saw the biggest improvement in property prices in Rugby in May – they increased 2.7%, to £402,281 on average. Over the last year, prices rose by 7%.
Among other types of property:
- Semi-detached: up 2.6% monthly; up 5.4% annually; £240,663 average
- Terraced: up 2.1% monthly; up 4.9% annually; £183,046 average
- Flats: up 2.5% monthly; up 3.6% annually; £127,406 average
First steps on the property ladder
First-time buyers in Rugby spent an average of £197,000 on their property – £10,000 more than a year ago, and £44,000 more than in May 2015.
By comparison, former owner-occupiers paid £289,000 on average in May – 46.5% more than first-time buyers.
How do property prices in Rugby compare?
Buyers paid 20.8% more than the average price in the West Midlands (£204,000) in May for a property in Rugby. Across the West Midlands, property prices are higher than those across the UK, where the average cost £236,000.
The most expensive properties in the West Midlands were in Stratford – £318,000 on average, and 1.3 times as much as in Rugby. Stratford properties cost 2.8 times as much as homes in Stoke (£116,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average May sale price of £1.4 million could buy 16 properties in Burnley (average £88,000).
Average property price in May
- Rugby: £245,959
- The West Midlands: £203,658
- UK: £235,673
Annual growth to May
- Rugby: +5.7%
The West Midlands: +3.4%
- UK: +2.9%
Best and worst annual growth in the West Midlands
- Staffordshire Moorlands: +8.3%
- North Warwickshire: -1.0%