Rugby house prices increased more than West Midlands average in June

House prices increased by 1.6% – more than the average for West Midlands – in Rugby in June, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 6% over the last year.

The average Rugby house price in June was £307,453, Land Registry figures show – a 1.6% increase on May.

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

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

The highest annual growth in the region was in Newcastle-under-Lyme, where property prices increased on average by 8.1%, to £204,000. At the other end of the scale, properties in Staffordshire Moorlands lost 0.1% of their value, giving an average price of £224,000.

First steps on the property ladder

First-time buyers in Rugby spent an average of £244,000 on their property – £13,000 more than a year ago, and £62,000 more than in June 2018.

By comparison, former owner-occupiers paid £363,000 on average in June – 48.6% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Rugby in June – they increased 2%, to £147,982 on average. Over the last year, prices rose by 5.2%.

Among other types of property:

• Detached: up 1.3% monthly; up 7.5% annually; £511,543 average
• Semi-detached: up 1.6% monthly; up 5.9% annually; £301,974 average
• Terraced: up 1.9% monthly; up 4.3% annually; £227,324 average

How do property prices in Rugby compare?

Buyers paid 22.6% more than the average price in West Midlands (£251,000) in June for a property in Rugby. Across West Midlands, property prices are lower than those across the UK, where the average cost is £288,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £400,000 on average, and 1.3 times the price as in Rugby. Stratford-on-Avon properties cost 2.8 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, with an average price of £1.3 million.

Factfile

Average property price in June

• Rugby: £307,453
• West Midlands:£250,743
• UK: £287,546

Annual growth to June

• Rugby: +6%
• West Midlands: +3.2%
• UK: +1.7%

Highest and lowest annual growth in West Midlands

• Newcastle-under-Lyme: +8.1%
• Staffordshire Moorlands: -0.1%