Eastbourne house prices increased slightly in November
House prices increased slightly, by 0.5%, in Eastbourne in November, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 12% over the last year.
Advertisement
Hide AdAdvertisement
Hide AdThe average Eastbourne house price in November was £305,606, Land Registry figures show – a 0.5% increase on October.
Over the month, the picture was different to that across the South East, where prices decreased 0.5%, and Eastbourne was above the 0.3% drop for the UK as a whole.
Over the last year, the average sale price of property in Eastbourne rose by £33,000 – putting the area 23rd among the South East’s 64 local authorities with price data for annual growth.
The highest annual growth in the region was in Rother, where property prices increased on average by 16.6%, to £395,000. At the other end of the scale, properties in South Oxfordshire gained 4.1% in value, giving an average price of £530,000.
Advertisement
Hide AdAdvertisement
Hide AdThe average UK house price edged down to £295,000 in November 2022, from the previous month's record high of £296,000.
Property prices increased by 10.3% in the year to November, slowing from 12.4% in October.
Nathan Emerson, CEO of Propertymark, which represents estate agents, said: "In November, our agents reported a market that was on the cusp of seeing purchasing power handed back to buyers which was a trend we hadn’t seen in months."
And Roger Evans, director of home finance distribution at Gatehouse Bank, said: “The property market is slowly becoming more favourable for buyers in some areas as rates stabilise a little following the turbulence of 2022.”
Advertisement
Hide AdAdvertisement
Hide AdFirst steps on the property ladder
First-time buyers in Eastbourne spent an average of £260,000 on their property – £27,000 more than a year ago, and £50,000 more than in November 2017.
By comparison, former owner-occupiers paid £343,000 on average in November – 31.8% more than first-time buyers.
Property types
Owners of semi-detached houses saw the biggest rise in property prices in Eastbourne in November – they increased 0.5%, to £405,878 on average. Over the last year, prices rose by 13.6%.
Among other types of property:
Detached: up 0.5% monthly; up 12.6% annually; £593,699 averageTerraced: up 0.4% monthly; up 14% annually; £317,841 averageFlats: up 0.5% monthly; up 9.4% annually; £210,387 average
Advertisement
Hide AdAdvertisement
Hide AdHow do property prices in Eastbourne compare?
Buyers paid 24.1% less than the average price in the South East (£402,000) in November for a property in Eastbourne. Across the South East, property prices are low compared to those across the UK, where the average cost £295,000.
The most expensive properties in the South East were in Elmbridge – £740,000 on average, and 2.4 times as much as more than in Eastbourne. Elmbridge properties cost 2.9 times as much as homes in Southampton (£252,000 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 November
Eastbourne: £305,606The South East:£402,466UK: £294,910
Annual growth to November
Eastbourne: +12%The South East: +10%UK: +10.3%
Highest and lowest annual growth in the South East
Rother: +16.6%South Oxfordshire: +4.1%