Rugby house prices dropped slightly in July

House prices dropped slightly, by 0.3%, in Rugby in July, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 3% over the last year.

The average Rugby house price in July was £303,088, Land Registry figures show – a 0.3% decrease on June.

Over the month, the picture was different to that across West Midlands, where prices increased 0.2%, 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 £8,700 – putting the area ninth among West Midlands’s 30 local authorities with price data for annual growth.

The highest annual growth in the region was in Malvern Hills, where property prices increased on average by 7.1%, to £340,000. At the other end of the scale, properties in Staffordshire Moorlands lost 2.4% of their value, giving an average price of £223,000.

First steps on the property ladder

First-time buyers in Rugby spent an average of £241,000 on their property – £6,100 more than a year ago, and £54,600 more than in July 2018.

By comparison, former owner-occupiers paid £358,100 on average in July – 48.6% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in Rugby in July – they dropped 0.7% in price, to £145,092 on average. But over the last year, prices rose by 1.8%.

Among other types of property:

• Detached: down 0.2% monthly; up 4.6% annually; £504,432 average
• Semi-detached: down 0.3% monthly; up 2.6% annually; £297,360 average
• Terraced: down 0.1% monthly; up 1.5% annually; £224,951 average

How do property prices in Rugby compare?

Buyers paid 20.6% more than the average price in West Midlands (£251,000) in July for a property in Rugby. Across West Midlands, property prices are lower than those across the UK, where the average cost is £290,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £385,000 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 July

• Rugby: £303,088
• West Midlands:£251,313
• UK: £289,824

Annual growth to July

• Rugby: +3%
• West Midlands: +0.4%
• UK: +0.6%

Highest and lowest annual growth in West Midlands

• Malvern Hills: +7.1%
• Staffordshire Moorlands: -2.4%