Mid Sussex house prices dropped in June
House prices dropped by 1.3% in Mid Sussex in June, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 14.7% over the last year.
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Hide AdThe average Mid Sussex house price in June was £448,359, Land Registry figures show – a 1.3% decrease on May.
Over the month, the picture was different to that across the South East, where prices increased 0.8%, and Mid Sussex was lower than the 1% rise for the UK as a whole.
Over the last year, the average sale price of property in Mid Sussex rose by £57,000 – putting the area 10th among the South East’s 64 local authorities with price data for annual growth.
The highest annual growth in the region was in Thanet, where property prices increased on average by 21.1%, to £323,000. At the other end of the scale, properties in Oxford gained 5.1% in value, giving an average price of £474,000.
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Hide AdAn imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.
But activity is starting to slow, with soaring inflation putting household budgets under pressure.
First steps on the property ladder
First-time buyers in Mid Sussex spent an average of £336,000 on their property – £41,000 more than a year ago, and £57,000 more than in June 2017.
By comparison, former owner-occupiers paid £524,000 on average in June – 56% more than first-time buyers.
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Owners of detached houses saw the biggest fall in property prices Mid Sussex in June – they dropped 1.8% in price, to £754,990 on average. But over the last year, prices rose by 16.1%.
Among other types of property:
Semi-detached: down 1.2% monthly; up 16.4% annually; £478,949 averageTerraced: down 0.8% monthly; up 14% annually; £374,651 averageFlats: down 1.1% monthly; up 10.8% annually; £232,721 average
How do property prices in Mid Sussex compare?
Buyers paid 14.8% more than the average price in the South East (£391,000) in June for a property in Mid Sussex. Across the South East, property prices are higher than those across the UK, where the average cost £286,000.
The most expensive properties in the South East were in Elmbridge – £697,000 on average, and 1.6 times as much as more than in Mid Sussex. Elmbridge properties cost 2.9 times as much as homes in Southampton (£239,000 average), at the other end of the scale.
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Factfile
Average property price in June
Mid Sussex: £448,359The South East:£390,513UK: £286,397
Annual growth to June
Mid Sussex: +14.7%The South East: +8.9%UK: +7.8%
Highest and lowest annual growth in the South East
Thanet: +21.1%Oxford: +5.1%