Rugby house prices increased more than West Midlands average in February

House prices increased by 1.3% – more than the average for West Midlands – in Rugby in February, new figures show.

EMBARGOED TO 00001 TUESDAY OCTOBER 26 File photo dated 14/10/14 of estate agents boards. The housing market is set to record its highest level of sales this year since 2007, according to a property website. Issue date: Tuesday October 26, 2021.
EMBARGOED TO 00001 TUESDAY OCTOBER 26 File photo dated 14/10/14 of estate agents boards. The housing market is set to record its highest level of sales this year since 2007, according to a property website. Issue date: Tuesday October 26, 2021.

House prices increased by 1.3% – more than the average for West Midlands – in Rugby in February, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 13% annual growth.

The average Rugby house price in February was £287,343, Land Registry figures show – a 1.3% increase on January.

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    Over the month, the picture was better than that across West Midlands, where prices increased 0.3%, and Rugby outperformed the 0.5% rise for the UK as a whole.

    Over the last year, the average sale price of property in Rugby rose by £33,000 – putting the area seventh among West Midlands’s 30 local authorities with price data for annual growth.

    The best annual growth in the region was in Nuneaton and Bedworth, where property prices increased on average by 16.2%, to £223,000. At the other end of the scale, properties in Staffordshire Moorlands gained just 4.9% in value, giving an average price of £213,000.

    Winners and Losers

    Owners of flats saw the biggest improvement in property prices in Rugby in February – they increased 1.5%, to £140,005 on average. Over the last year, prices rose by 7.9%.

    Among other types of property:

    Detached: up 1.5% monthly; up 16.3% annually; £479,990 averageSemi-detached: up 1.1% monthly; up 12.5% annually; £280,064 averageTerraced: up 1.1% monthly; up 10.7% annually; £212,639 average

    First steps on the property ladder

    First-time buyers in Rugby spent an average of £228,000 on their property – £25,000 more than a year ago, and £59,000 more than in February 2017.

    By comparison, former owner-occupiers paid £340,000 on average in February – 48.7% more than first-time buyers.

    How do property prices in Rugby compare?

    Buyers paid 20.9% more than the average price in West Midlands (£238,000) in February for a property in Rugby. Across West Midlands, property prices are high compared to those across the UK, where the average cost £277,000.

    The most expensive properties in West Midlands were in Stratford-on-Avon – £360,000 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 (£136,000 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 February

    Rugby: £287,343West Midlands:£237,757UK: £276,755

    Annual growth to February

    Rugby: +13%West Midlands: +10%UK: +10.9%

    Best and worst annual growth in West Midlands

    Nuneaton and Bedworth: +16.2%Staffordshire Moorlands: +4.9%