Rugby house prices increased more than West Midlands average in October
House prices increased by 1.4% – more than the average for West Midlands – 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 14.3% over the last year.
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Hide AdThe average Rugby house price in October was £311,107, Land Registry figures show – a 1.4% increase on September.
Over the month, the picture was similar to that across West Midlands, where prices increased 0.9%, and Rugby was above the 0.3% rise for the UK as a whole.
Over the last year, the average sale price of property in Rugby rose by £39,000 – putting the area eighth 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 18.2%, to £356,000. At the other end of the scale, properties in Warwick gained 9.1% in value, giving an average price of £372,000.
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Hide AdAverage UK house prices increased by 12.6% in the year to October, accelerating from 9.9% in September.
The increase in the annual percentage change was partly caused by a sharp fall in average house prices in October 2021, following changes to stamp duty.
The average UK house price was £296,400 in October, which was £33,000 higher than a year earlier.
Tom Bill, head of UK residential research at Knight Frank, said: “Despite today’s figures, double-digit UK house price growth is now a thing of the past.
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Hide Ad“Even as the reverberations of the mini-budget fade, a more adverse lending landscape is emerging after 13 years of ultra-low rates."
First steps on the property ladder
First-time buyers in Rugby spent an average of £248,000 on their property – £31,000 more than a year ago, and £65,000 more than in October 2017.
By comparison, former owner-occupiers paid £367,000 on average in October – 48% more than first-time buyers.
Property types
Owners of detached houses saw the biggest rise in property prices in Rugby in October – they increased 1.7%, to £516,394 on average. Over the last year, prices rose by 15.4%.
Among other types of property:
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Hide AdSemi-detached: up 1.3% monthly; up 14.4% annually; £304,788 averageTerraced: up 1.2% monthly; up 13.9% annually; £232,319 averageFlats: up 1% monthly; up 10.2% annually; £148,182 average
How do property prices in Rugby compare?
Buyers paid 20.9% more than the average price in West Midlands (£257,000) in October for a property in Rugby. Across West Midlands, property prices are high compared to those across the UK, where the average cost £296,000.
The most expensive properties in West Midlands were in Stratford-on-Avon – £405,000 on average, and 1.3 times as much as more than in Rugby. Stratford-on-Avon properties cost 2.8 times as much as homes in Stoke (£146,000 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 October
Rugby: £311,107West Midlands:£257,382UK: £296,422
Annual growth to October
Rugby: +14.3%West Midlands: +14.6%UK: +12.6%
Highest and lowest annual growth in West Midlands
Malvern Hills: +18.2%Warwick: +9.1%