Rugby house prices increased in October

By Will Grimond, Data Reporter
Published 20th Dec 2023, 16:08 BST
General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.
General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.
House prices increased by 2.3% in Rugby in October, new figures show.

House prices increased by 2.3% in Rugby in October, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 3.8% over the last year.

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The average Rugby house price in October was £311,361, Land Registry figures show – a 2.3% increase on September.

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    Over the month, the picture was different to that across West Midlands, where prices decreased 0.5%, and Rugby was above the 0.7% drop for the UK as a whole.

    Over the last year, the average sale price of property in Rugby rose by £12,000 – putting the area fourth among West Midlands’s 30 local authorities with price data for annual growth.

    The highest annual growth in the region was in Stratford-on-Avon, where property prices increased on average by 6.9%, to £421,000. At the other end of the scale, properties in Herefordshire lost 4.2% of their value, giving an average price of £297,000.

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    First steps on the property ladder

    First-time buyers in Rugby spent an average of £247,900 on their property – £8,800 more than a year ago, and £59,200 more than in October 2018.

    By comparison, former owner-occupiers paid £367,500 on average in October – 48.3% more than first-time buyers.

    Property types

    Owners of detached houses saw the biggest rise in property prices in Rugby in October – they increased 2.6%, to £519,224 on average. Over the last year, prices rose by 5.5%.

    Among other types of property:

    Semi-detached:
    Terraced:
    Flats:

    How do property prices in Rugby compare?

    Buyers paid 23% more than the average price in West Midlands (£253,000) in October 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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    The most expensive properties in West Midlands were in Stratford-on-Avon – £421,000 on average, and 1.4 times the price as in Rugby. Stratford-on-Avon properties cost 2.9 times the price as homes in Stoke (£145,000 average), at the other end of the scale.

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

    Factfile

    Average property price in October

    • Rugby: £311,361
    • West Midlands:£253,130
    • UK: £287,782

    Annual change to October

    • Rugby: +3.8%
    • West Midlands: -0.3%
    • UK: -1.2%

    Highest and lowest annual growth in West Midlands

    • Stratford-on-Avon: +6.9%
    • Herefordshire: -4.2%