Rugby house prices increased in September

House prices increased by 3.1% 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 3.8% over the last year.

The average Rugby house price in September was £308,707, Land Registry figures show – a 3.1% increase on August.

Over the month, the picture was different to that across West Midlands, where prices decreased 0.2%, and Rugby was above the 0.5% drop for the UK as a whole.

Over the last year, the average sale price of property in Rugby rose by £11,000 – putting the area fifth among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in Cannock Chase, where property prices increased on average by 8.1%, to £243,000. At the other end of the scale, properties in Staffordshire Moorlands lost 6.9% of their value, giving an average price of £221,000.

First steps on the property ladder

First-time buyers in Rugby spent an average of £245,800 on their property – £8,700 more than a year ago, and £56,300 more than in September 2018.

By comparison, former owner-occupiers paid £364,300 on average in September – 48.2% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Rugby in September – they increased 3.3%, to £303,680 on average. Over the last year, prices rose by 3.9%.

Among other types of property:

• Detached: up 3.3% monthly; up 5.6% annually; £514,958 average
• Terraced: up 2.9% monthly; up 2.2% annually; £229,250 average
• Flats: up 2.4% monthly; up 2.1% annually; £145,980 average

How do property prices in Rugby compare?

Buyers paid 21.7% more than the average price in West Midlands (£254,000) in September for a property in Rugby. Across West Midlands, property prices are lower than those across the UK, where the average cost is £291,000.

The most expensive properties in West Midlands were in Warwick – £377,000 on average, and 1.2 times the price as in Rugby. Warwick properties cost 2.7 times the price as homes in Stoke (£141,000 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: £308,707
• West Midlands:£253,624
• UK: £291,385

Annual change to September

• Rugby: +3.8%
• West Midlands: +0.5%
• UK: -0.1%

Highest and lowest annual growth in West Midlands

• Cannock Chase: +8.1%
• Staffordshire Moorlands: -6.9%