Wealden house prices increased slightly in May

House prices increased slightly, by 0.5%, in Wealden in May, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 0.8% over the last year.

The average Wealden house price in May was £417,986, Land Registry figures show – a 0.5% increase on April.

Over the month, the picture was different to that across the South East, where prices decreased 0.9%, and Wealden was above the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in Wealden rose by £3,500 – putting the area 57th among the South East’s 64 local authorities with price data for annual growth.

The highest annual growth in the region was in Winchester, where property prices increased on average by 10%, to £518,000. At the other end of the scale, properties in Elmbridge lost 4.7% of their value, giving an average price of £665,000.

First steps on the property ladder

First-time buyers in Wealden spent an average of £333,400 on their property – £3,200 more than a year ago, and £68,400 more than in May 2018.

By comparison, former owner-occupiers paid £464,300 on average in May – 39.2% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Wealden in May – they increased 1.1%, to £202,625 on average. Over the last year, prices dropped by 0.1%.

Among other types of property:

• Detached: up 0.2% monthly; up 1.1% annually; £631,680 average
• Semi-detached: up 0.5% monthly; up 1.2% annually; £381,633 average
• Terraced: up 0.7% monthly; down 0.2% annually; £317,693 average

How do property prices in Wealden compare?

Buyers paid 7.5% more than the average price in the South East (£389,000) in May for a property in Wealden. Across the South East, property prices are high compared to those across the UK, where the average cost is £286,000.

The most expensive properties in the South East were in Elmbridge – £665,000 on average, and 1.6 times the price as in Wealden. Elmbridge properties cost 2.7 times the price as homes in Southampton (£243,000 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 May

• Wealden: £417,986
• The South East:£388,873
• UK: £285,861

Annual growth to May

• Wealden: +0.8%
• The South East: +1.5%
• UK: +1.9%

Highest and lowest annual growth in the South East

• Winchester: +10%
• Elmbridge: -4.7%