Rugby house prices dropped slightly in March

House prices dropped slightly, by 0.2%, in Rugby in March, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 7.4% over the last year.

The average Rugby house price in March was £302,305, Land Registry figures show – a 0.2% decrease on February.

Over the month, the picture was different to that across West Midlands, where prices decreased 4%, and Rugby was above the 1.2% drop for the UK as a whole.

Over the last year, the average sale price of property in Rugby rose by £21,000 – putting the area 13th among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in Nuneaton and Bedworth, where property prices increased on average by 11.4%, to £243,000. At the other end of the scale, properties in Newcastle-under-Lyme gained 2.6% in value, giving an average price of £189,000.

First steps on the property ladder

First-time buyers in Rugby spent an average of £240,000 on their property – £16,000 more than a year ago, and £53,000 more than in March 2018.

By comparison, former owner-occupiers paid £357,000 on average in March – 48.9% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices Rugby in March – they dropped 1% in price, to £223,056 on average. But over the last year, prices rose by 6.3%.

Among other types of property:

• Detached: up 0.6% monthly; up 9% annually; £506,826 average
• Semi-detached: down 0.1% monthly; up 7.2% annually; £296,309 average
• Flats: down 0.7% monthly; up 4.8% annually; £144,212 average

How do property prices in Rugby compare?

Buyers paid 23.3% more than the average price in West Midlands (£245,000) in March for a property in Rugby. Across West Midlands, property prices are high compared to those across the UK, where the average cost £285,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £387,000 on average, and 1.3 times as much as more than in Rugby. Stratford-on-Avon properties cost 2.7 times as much as homes in Stoke (£145,000 average), at the other end of the scale.

The highest property prices across the UK were in E09000020.

Factfile

Average property price in March

• Rugby: £302,305
• West Midlands:£245,132
• UK: £285,009

Annual growth to March

• Rugby: +7.4%
• West Midlands: +3.4%
• UK: +4.1%

Highest and lowest annual growth in West Midlands

• Nuneaton and Bedworth: +11.4%
• Newcastle-under-Lyme: +2.6%