Property prices continue to fall in Rugby, new figures reveal

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 0.9 per cent annual decline.

The average Rugby house price in November was £230,195, Land Registry figures show – a 0.9 per cent decrease on October.

Over the month, the picture was worse than that across the West Midlands, where prices increased 1.7 per cent, and Rugby underperformed compared to the 0.4 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Rugby remained level – putting the area 28th among the West Midlands’s 30 local authorities for annual growth.

The best annual growth in the region was Dudley, where properties increased on average by 5.6 per cent, to £184,000. At the other end of the scale, properties in North Warwickshire dropped 1.8 per cent, to an average price of £205,000.

Owners of terraced houses fared worst in Rugby in November – they dropped 1.3 per cent, to £171,983 on average . Over the last year, prices dropped by 1.2 per cent.

First-time buyers in Rugby spent an average of £ 184,300 on their property – £2,100 less than a year ago, but £36,000 more than in November 2014.

By comparison, former owner-occupiers paid £270,300 on average in November – 46.7 per cent more than first-time buyers.

Buyers paid 12.7 per cent more than the average price in the West Midlands (£204,000) in November for a property in Rugby. Across the West Midlands, prices are lower than those across the UK, where the average cost is £235,000.

The most expensive properties in the West Midlands were in Stratford-on-Avon – £321,000 on average, 1.4 times as much as in Rugby. Stratford-on-Avon properties cost 2.8 times as much as homes in Stoke (£115,000 on average).