Rugby house prices dropped slightly in August

House prices dropped slightly, by 0.7%, in Rugby in August, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 2% over the last year.

The average Rugby house price in August was £301,169, Land Registry figures show – a 0.7% decrease on July.

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

Over the last year, the average sale price of property in Rugby rose by £5,800 – putting the area 15th among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in North Warwickshire, where property prices increased on average by 8.2%, to £271,000. At the other end of the scale, properties in Staffordshire Moorlands lost 5% of their value, giving an average price of £220,000.

First steps on the property ladder

First-time buyers in Rugby spent an average of £239,500 on their property – £3,800 more than a year ago, and £51,700 more than in August 2018.

By comparison, former owner-occupiers paid £355,800 on average in August – 48.6% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in Rugby in August – they dropped 1.4% in price, to £143,618 on average. But over the last year, prices rose by 0.7%.

Among other types of property:

• Detached: down 0.7% monthly; up 3.7% annually; £501,359 average
• Semi-detached: down 0.6% monthly; up 1.8% annually; £295,900 average
• Terraced: down 0.7% monthly; up 0.3% annually; £223,524 average

How do property prices in Rugby compare?

Buyers paid 18.8% more than the average price in West Midlands (£254,000) in August for a property in Rugby. Across West Midlands, property prices are lower than those across the UK, where the average cost is £291,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £384,000 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 (£141,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea (£1.4 million).

Factfile

Average property price in August

• Rugby: £301,169
• West Midlands:£253,519
• UK: £291,044

Annual growth to August

• Rugby: +2%
• West Midlands: +1.1%
• UK: +0.2%

Highest and lowest annual growth in West Midlands

• North Warwickshire: +8.2%
• Staffordshire Moorlands: -5%