Rugby house prices dropped more than West Midlands average in November

House prices dropped by 3.6% – more than the average for West Midlands – in Rugby in November, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 2.6% annual decline.

The average Rugby house price in November was £294,099, Land Registry figures show – a 3.6% decrease on October.

Over the month, the picture was different to that across West Midlands, where prices decreased 3.1%, and Rugby was lower than the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in Rugby fell by £7,700 – 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 Wychavon, where property prices increased on average by 6%, to £369,000. At the other end of the scale, properties in South Staffordshire lost 8.6% of their value, giving an average price of £276,000.

First steps on the property ladder

First-time buyers in Rugby spent an average of £234,100 on their property – £6,600 less than a year ago, but £47,700 more than in November 2018.

By comparison, former owner-occupiers paid £347,100 on average in November – 48.3% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in Rugby in November – they dropped 4.1% in price, to £218,184 on average. Over the last year, prices dropped by 4%.

Among other types of property:

• Detached: down 3.4% monthly; down 1.4% annually; £489,063 average
• Semi-detached: down 3.5% monthly; down 1.9% annually; £290,832 average
• Flats: down 3.1% monthly; down 4.1% annually; £138,998 average

How do property prices in Rugby compare?

Buyers paid 20.7% more than the average price in West Midlands (£244,000) in November 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 Stratford-on-Avon – £410,000 on average, and 1.4 times the price as in Rugby. Stratford-on-Avon properties cost 2.9 times the price as homes in Stoke (£139,000 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 November

• Rugby: £294,099
• West Midlands:£243,655
• UK: £284,950

Annual change to November

• Rugby: -2.6%
• West Midlands: -3.4%
• UK: -2.1%

Highest and lowest annual growth in West Midlands

• Wychavon: +6%
• South Staffordshire: -8.6%