Arun house prices increased in June
House prices increased by 1.4 per cent in Arun in June, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 12.4 per cent annual growth.
The average Arun house price in June was £320,717, Land Registry figures show – a 1.4 per cent increase on May.
Over the month, the picture was less good than that across the South East, where prices increased 2.7 per cent, and Arun underperformed compared to the 4.5 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Arun rose by £35,000 – putting the area ninth among the South East’s 70 local authorities for annual growth.
The best annual growth in the region was in Hastings, where property prices increased on average by 18.5 per cent, to £252,000.
At the other end of the scale, properties in Runnymede gained 0.9 per cent in value, giving an average price of £433,000.
Winners and Losers
Owners of terraced houses saw the biggest improvement in property prices in Arun in June – they increased 1.7 per cent, to £275,562 on average. Over the last year, prices rose by 13.8 per cent.
Among other types of property:
Detached: up 1.4 per cent monthly; up 13.5 per cent annually; £521,845 average
Semi-detached: up 1.4 per cent monthly; up 12.4 per cent annually; £334,231 average
Flats: up 1.3 per cent monthly; up 9.3 per cent annually; £179,769 average
First steps on the property ladder
First-time buyers in Arun spent an average of £253,000 on their property – £27,000 more than a year ago, and £48,000 more than in June 2016.
By comparison, former owner-occupiers paid £363,000 on average in June – 43.6 per cent more than first-time buyers.
How do property prices in Arun compare?
Buyers paid 9.9 per cent less than the average price in the South East (£356,000) in June for a property in Arun. Across the South East, property prices are high compared to those across the UK, where the average cost £266,000.
The most expensive properties in the South East were in Elmbridge – £650,000 on average, and twice as much as in Arun. Elmbridge properties cost three times as much as homes in Southampton (£218,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average June sale price of £1.2 million could buy 13 properties in Burnley (average £99,000).
Average property price in June
The South East: £355,948
Annual growth to June
Arun: +12.4 per cent
The South East: +10.5 per cent
UK: +13.2 per cent
Best and worst annual growth in the South East
Hastings: +18.5 per cent
Runnymede: +0.9 per cent