A recent report has indicated a 2.3% increase in house prices in Rugby during the month of October. This surge contributes to the overall trend, with property prices in the area rising by 3.8% over the past year. According to figures from the Land Registry, the average house price in Rugby for October was £311,361, representing a 2.3% rise from September. This growth in the Rugby property market stands in contrast to the 0.5% decrease in prices across the West Midlands, as well as the 0.7% drop in the UK as a whole during the same period.
Upon further investigation, it is revealed that over the last year, the average sale price of property in Rugby has seen a significant increase by £12,000. This places the area fourth among the 30 local authorities in the West Midlands with available data for annual growth. The highest annual growth in the region was recorded in Stratford-on-Avon, where property prices saw a substantial 6.9% increase, reaching an average of £421,000. On the other end of the spectrum, Herefordshire experienced a decrease of 4.2% in property value, resulting in an average price of £297,000.
First-time buyers in Rugby are also feeling the impact of these developments, with an average property price of £247,900—£8,800 more than the previous year and £59,200 higher than in October 2018. In comparison, former owner-occupiers had an average spend of £367,500 in October, which is 48.3% more compared to first-time buyers.
When it comes to property types, owners of detached houses experienced the most significant price increase in Rugby during October, with a 2.6% rise resulting in an average value of £519,224. Over the last year, prices in this category have increased by 5.5%. As for other property types such as semi-detached, terraced, and flats, there has been variation in the price movements as well.
In terms of comparison, buyers in Rugby paid 23% more than the average property price in the West Midlands, which stood at £253,000 in October. On a broader scale, property prices in the West Midlands generally fall below the UK average of £288,000. Notably, the most expensive properties in the West Midlands were in Stratford-on-Avon, commanding an average price of £421,000—1.4 times higher than in Rugby. In contrast, properties in Stoke averaged £145,000, making them nearly three times cheaper than those in Stratford-on-Avon.
Overall, the property market in Rugby is exhibiting signs of strength and growth, outperforming the broader trends across the West Midlands and the UK. The local market is clearly distinguished by its consistent upward trajectory in property prices, making it a noteworthy area for real estate investment.