Rugby house prices increased more than West Midlands average in June
House prices increased by 1.6% – more than the average for West Midlands – in Rugby in June, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 6% over the last year.
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Hide AdThe average Rugby house price in June was £307,453, Land Registry figures show – a 1.6% increase on May.
Over the month, the picture was different to that across West Midlands, where prices increased 0.7%, and Rugby was above the 0.7% rise for the UK as a whole.
Over the last year, the average sale price of property in Rugby rose by £17,000 – putting the area third among West Midlands’s 30 local authorities with price data for annual growth.
The highest annual growth in the region was in Newcastle-under-Lyme, where property prices increased on average by 8.1%, to £204,000. At the other end of the scale, properties in Staffordshire Moorlands lost 0.1% of their value, giving an average price of £224,000.
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First-time buyers in Rugby spent an average of £244,000 on their property – £13,000 more than a year ago, and £62,000 more than in June 2018.
By comparison, former owner-occupiers paid £363,000 on average in June – 48.6% more than first-time buyers.
Property types
Owners of flats saw the biggest rise in property prices in Rugby in June – they increased 2%, to £147,982 on average. Over the last year, prices rose by 5.2%.
Among other types of property:
- Detached: up 1.3% monthly; up 7.5% annually; £511,543 average
- Semi-detached: up 1.6% monthly; up 5.9% annually; £301,974 average
- Terraced: up 1.9% monthly; up 4.3% annually; £227,324 average
How do property prices in Rugby compare?
Buyers paid 22.6% more than the average price in West Midlands (£251,000) in June for a property in Rugby. Across West Midlands, property prices are lower than those across the UK, where the average cost is £288,000.
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Hide AdThe most expensive properties in West Midlands were in Stratford-on-Avon – £400,000 on average, and 1.3 times the price as in Rugby. Stratford-on-Avon properties cost 2.8 times the price as homes in Stoke (£144,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, with an average price of £1.3 million.
Factfile
Average property price in June
- Rugby: £307,453
- West Midlands:£250,743
- UK: £287,546
Annual growth to June
- Rugby: +6%
- West Midlands: +3.2%
- UK: +1.7%
Highest and lowest annual growth in West Midlands
- Newcastle-under-Lyme: +8.1%
- Staffordshire Moorlands: -0.1%