Rugby Town – is the housing market depressed or booming?

It is always important to understand what is going on in the local housing market. As part of our ongoing service to you, please watch, listen or read our local housing trends in Rugby Town.

We can also have a bit of fun, comparing our area to the UK as a whole.

I’m Brendan Petticrew, author of this blog, based and working out of Rugby – the home of our Newman Property Experts Head Office HUB.

So…..what’s been happening?

Watch this video to find out more

The national average house price of a property across the UK was £226,798 in the year to March 2019, this is 1.4% higher than a year ago. East and West Midlands have climbed above the national average at and increase of 3.9% and 3.2% respectively.

The majority of sales in Rugby during the last year were detached properties, selling for an average price of £368,530. Semi-detached properties sold for an average of £230,656, with terraced properties fetching £188,666.

Rugby, with an overall average price of £263,785, was similar in terms of sold prices to nearby Hillmorton (£268,127), but was cheaper than Bilton (£290,718) and Cawston (£301,108).

Overall sold prices in Rugby (including CV23) over the last year were 8% up on the previous year and 22% up on the 2016 level of £215,938. Prices have risen by 41% over the last 5 years!!!

What type of homes have made up the moving population?

Well – 9% of all transaction were apartments, 21% terraced houses, 33% semi-houses and 38% detached homes (probably because of the new build sites predominantly lead with these type of homes in our area.

So what does it mean for the house prices of the future, well many commentators will point towards what happens in the economy and what happens with the “B” word. I have been working in the industry for the last 25 years and have identified that the main reason that prices keep rising in our areas is the basic principle…..supply and demand. On this day, according to Rightmove, there are only 297 homes in Rugby (not including new build). There are currently 453 homes sold subject to contract – so you can see there are more buyers than sellers.

Lets hope this momentum in the market place continues for you and your biggest investment.

If you need me to answer any other property related questions regarding your home, please call me on 07989 596836.

You may listen to our podcast below:

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