Rugby house prices increased in September

House prices increased by 1% in Rugby in September, new figures show.

General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.
General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.

House prices increased by 1% in Rugby in September, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 16.1% over the last year.

The average Rugby house price in September was £308,422, Land Registry figures show – a 1% increase on August.

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    Over the month, the picture was different to that across West Midlands, where prices decreased 0.3%, and Rugby was above the UK as a whole, where prices did not change.

    Over the last year, the average sale price of property in Rugby rose by £43,000 – putting the area fourth among West Midlands’s 30 local authorities with price data for annual growth.

    The highest annual growth in the region was in Stafford, where property prices increased on average by 18%, to £272,000. At the other end of the scale, properties in Sandwell gained 9.6% in value, giving an average price of £196,000.

    An imbalance between supply and demand for properties saw house prices climb across the UK throughout the pandemic.

    But typical property values stalled across the UK between August and September, which caused annual growth to slow.

    Andy Sommerville, director at property data provider Search Acumen said the latest data is further evidence of "a turning tide for house prices".

    The figures are yet to reflect the full impact of the mini-budget, announced towards the end of September, which sparked volatitility in the mortgage market and saw interest rates on new agreements soar.

    Nicky Stevenson, managing director at estate agent group Fine and Country said: “Annual house price growth slowed in September against a backdrop of rising interest rates and shrinking disposable incomes."

    “All eyes will now turn to Chancellor Jeremy Hunt’s autumn statement, which is expected to include both tax rises and spending cuts," he added.

    First steps on the property ladder

    First-time buyers in Rugby spent an average of £246,000 on their property – £34,000 more than a year ago, and £63,000 more than in September 2017.

    By comparison, former owner-occupiers paid £364,000 on average in September – 47.9% more than first-time buyers.

    Property types

    Owners of detached houses saw the biggest rise in property prices in Rugby in September – they increased 1.1%, to £509,890 on average. Over the last year, prices rose by 17.5%.

    Among other types of property:

    Semi-detached: up 1.1% monthly; up 16.2% annually; £302,926 averageTerraced: up 1% monthly; up 15.3% annually; £230,648 averageFlats: up 0.3% monthly; up 10.9% annually; £147,230 average

    How do property prices in Rugby compare?

    Buyers paid 21.5% more than the average price in West Midlands (£254,000) in September for a property in Rugby. Across West Midlands, property prices are high compared to those across the UK, where the average cost £295,000.

    The most expensive properties in West Midlands were in Stratford-on-Avon – £403,000 on average, and 1.3 times as much as more than in Rugby. Stratford-on-Avon properties cost 2.8 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 Kensington and Chelsea.

    Factfile

    Average property price in September

    Rugby: £308,422West Midlands:£253,864UK: £294,559

    Annual growth to September

    Rugby: +16.1%West Midlands: +10.1%UK: +9.5%

    Highest and lowest annual growth in West Midlands

    Stafford: +18%Sandwell: +9.6%