Rugby house prices increased more than West Midlands average in May

House prices increased by 1.8% – more than the average for West Midlands – in Rugby in May, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 5.2% over the last year.

The average Rugby house price in May was £303,444, Land Registry figures show – a 1.8% increase on April.

Over the month, the picture was different to that across West Midlands, where prices increased 0.5%, and Rugby was above the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in Rugby rose by £15,000 – 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 Telford and Wrekin, where property prices increased on average by 9.1%, to £227,000. At the other end of the scale, properties in North Warwickshire lost 4.7% of their value, giving an average price of £242,000.

First steps on the property ladder

First-time buyers in Rugby spent an average of £241,000 on their property – £12,000 more than a year ago, and £56,000 more than in May 2018.

By comparison, former owner-occupiers paid £358,000 on average in May – 48.6% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Rugby in May – they increased 2.2%, to £145,553 on average. Over the last year, prices rose by 4.2%.

Among other types of property:

• Detached: up 1.7% monthly; up 6.7% annually; £507,067 average
• Semi-detached: up 1.8% monthly; up 5.1% annually; £297,790 average
• Terraced: up 1.9% monthly; up 3.7% annually; £223,966 average

How do property prices in Rugby compare?

Buyers paid 22.3% more than the average price in West Midlands (£248,000) in May for a property in Rugby. Across West Midlands, property prices are lower than those across the UK, where the average cost is £286,000.

The most expensive properties in West Midlands were in Stratford-on-Avon – £383,000 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 May

• Rugby: £303,444
• West Midlands:£248,166
• UK: £285,861

Annual growth to May

• Rugby: +5.2%
• West Midlands: +2.2%
• UK: +1.9%

Highest and lowest annual growth in West Midlands

• Telford and Wrekin: +9.1%
• North Warwickshire: -4.7%