Rugby underperforms as property prices drop, latest figures reveal

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House prices dropped slightly in Rugby in June, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 3.1% annual growth .

The average Rugby house price in June was £234,695, Land Registry figures show – a 0.2% decrease on May.

Over the month, the picture was worse than that across the West Midlands, where prices increased 0.9% , and Rugby underperformed compared to the 0.7% rise for the UK as a whole.

Over the last year, the average sale price of property in Rugby rose by £7,100 – putting the area 15th among the West Midlands’s 30 local authorities for annual growth.

The best annual growth in the region was in Cannock Chase, where properties increased on average by 8%, to £173,000. At the other end of the scale, properties in Stratford-on-Avon dropped 1.4% in value, giving an average price of £312,000.

Winners and Losers

Owners of flats fared worst in Rugby in June – they dropped 0.5% in price, to £122,651 on average . Over the last year, prices rose by 0.4%.

Among other types of property:

Detached: down 0.4% monthly; up 3.3% annually; £377,873 average

Semi-detached: remained level over the month; up 3.9% annually; £231,199 average

Terraced: up 0.1% monthly; up 3.3% annually; £176,612 average

First steps on the property ladder

First-time buyers in Rugby spent an average of £ 187,800 on their property – £4,900 more than a year ago, and £41,800 more than in June 2014.

By comparison, former owner-occupiers paid £ 275,700 on average in June – 46.8% more than first-time buyers.

How do property prices in Rugby compare?

Buyers paid 17.9% more than the average price in the West Midlands (£ 199,000) in June for a property in Rugby. Across the West Midlands, property prices are roughly the same as those across the UK, where the average cost £230,000.

The most expensive properties in the West Midlands were in Stratford-on-Avon – £312,000 on average, and 1.3 times as much as in Rugby. Stratford-on-Avon properties cost 2.7 times as much as homes in Stoke (£114,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average June sale price of £1.3 million could buy 14 properties in Burnley (average £89,000).

Factfile

Average property price in June

Rugby: £234,695

The West Midlands: £198,993

UK: £230,292

Annual growth to June

Rugby: +3.1%

The West Midlands: +2.6%

UK: +0.9%

Best and worst annual growth in the West Midlands

Cannock Chase: +8.0%

Stratford-on-Avon: -1.4%