Wealden house prices dropped in July

House prices dropped by 1.3% in Wealden in July, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 1.3% annual decline.

The average Wealden house price in July was £412,612, Land Registry figures show – a 1.3% decrease on June.

Over the month, the picture was different to that across the South East, where prices increased 0.5%, and Wealden was lower than the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Wealden fell by £5,600 – putting the area 53rd among the South East’s 64 local authorities with price data for annual growth.

The highest annual growth in the region was in West Oxfordshire, where property prices increased on average by 7%, to £403,000. At the other end of the scale, properties in Eastbourne lost 3.6% of their value, giving an average price of £293,000.

First steps on the property ladder

First-time buyers in Wealden spent an average of £329,000 on their property – £4,600 less than a year ago, but £56,700 more than in July 2018.

By comparison, former owner-occupiers paid £458,400 on average in July – 39.3% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in Wealden in July – they dropped 1.7% in price, to £199,820 on average. Over the last year, prices dropped by 2.6%.

Among other types of property:

• Detached: down 1.2% monthly; down 0.9% annually; £622,434 average
• Semi-detached: down 1.3% monthly; down 1.2% annually; £376,537 average
• Terraced: down 1.2% monthly; down 2.3% annually; £315,525 average

How do property prices in Wealden compare?

Buyers paid 4.7% more than the average price in the South East (£394,000) in July for a property in Wealden. Across the South East, property prices are high compared to those across the UK, where the average cost is £290,000.

The most expensive properties in the South East were in Elmbridge – £678,000 on average, and 1.6 times the price as in Wealden. Elmbridge properties cost 2.7 times the price as homes in Southampton (£248,000 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 July

• Wealden: £412,612
• The South East:£394,096
• UK: £289,824

Annual change to July

• Wealden: -1.3%
• The South East: +0.4%
• UK: +0.6%

Highest and lowest annual growth in the South East

• West Oxfordshire: +7%
• Eastbourne: -3.6%