Rugby house prices dropped slightly in April

General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.

House prices dropped slightly, by 0.8%, in Rugby in April, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 4.9% over the last year.

The average Rugby house price in April was £298,610, Land Registry figures show – a 0.8% decrease on March.

Over the month, the picture was different to that across West Midlands, where prices increased 0.8%, and Rugby was lower than the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Rugby rose by £14,000 – putting the area 17th among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in Telford and Wrekin, where property prices increased on average by 9.2%, to £225,000. At the other end of the scale, properties in Herefordshire gained 1.6% in value, giving an average price of £296,000.

First steps on the property ladder

First-time buyers in Rugby spent an average of £237,000 on their property – £10,000 more than a year ago, and £51,000 more than in April 2018.

By comparison, former owner-occupiers paid £353,000 on average in April – 48.8% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in Rugby in April – they dropped 1.2% in price, to £219,886 on average. But over the last year, prices rose by 3.3%.

Among other types of property:

Detached: down 0.6% monthly; up 6.7% annually; £500,763 average
Semi-detached: down 0.8% monthly; up 4.9% annually; £293,000 average
Flats: down 0.7% monthly; up 2.7% annually; £142,695 average

How do property prices in Rugby compare?

Buyers paid 21% more than the average price in West Midlands (£247,000) in April for a property in Rugby. Across West Midlands, property prices are lower than those across the UK, where the average cost £286,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £395,000 on average, and 1.3 times the price as in Rugby. Stratford-on-Avon properties cost 2.7 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.

Factfile

Average property price in April

Rugby: £298,610
West Midlands:£246,765
UK: £286,489

Annual growth to April

Rugby: +4.9%
West Midlands: +3.1%
UK: +3.5%

Highest and lowest annual growth in West Midlands

Telford and Wrekin: +9.2%
Herefordshire: +1.6%