House prices fell during 2023 in Rugby - while most of the West Midlands saw a rise

House prices fell during 2023 in the Rugby borough - while most of the West Midlands saw a rise.

However, house prices did increase by 1.6 per cent in Rugby in December, new figures show - but the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 2.4 per cent annual decline.

The average house price in the Rugby borough in December was £295,670, Land Registry figures show – a 1.6 per cent increase on November.

Over the month, the picture was different to that across West Midlands, where prices increased 2.6 per cent, but Rugby was above the 0.1 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Rugby fell by £7,200 – putting the area 21st among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in Warwick, where property prices increased on average by 6 per cent, to £383,000. At the other end of the scale, properties in Stoke lost 6.7 per cent of their value, giving an average price of £134,000.

First steps on the property ladder

First-time buyers in Rugby spent an average of £235,900 on their property – £5,800 less than a year ago, but £46,400 more than in December 2018.

By comparison, former owner-occupiers paid £348,200 on average in December – 47.6 per cent more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Rugby in December – they increased 2.1 per cent, to £294,109 on average. Over the last year, prices dropped by 1.2 per cent.

Among other types of property:

• Detached: up 1.4 per cent monthly; down 1.6 per cent annually; £488,959 average
• Terraced: up 1.3 per cent monthly; down 3.8 per cent annually; £219,357 average
• Flats: up 1.6 per cent monthly; down 4.3 per cent annually; £139,724 average

How do property prices in Rugby compare?

Buyers paid 17.1 per cent more than the average price in West Midlands (£253,000) in December for a property in Rugby. Across West Midlands, property prices are lower than those across the UK, where the average cost is £285,000.

The most expensive properties in West Midlands were in Warwick – £383,000 on average, and 1.3 times the price as in Rugby. Warwick properties cost 2.9 times the price as homes in Stoke (£134,000 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 December

• Rugby: £295,670
• West Midlands: £252,532
• UK: £284,691

Annual change to December

• Rugby: -2.4%
• West Midlands: +0.3 per cent
• UK: -1.4 per cent

Highest and lowest annual growth in West Midlands

• Warwick: +6 per cent
• Stoke: -6.7 per cent