Mid Sussex house prices increased slightly in July - but how do they compare to the rest of the South East and UK?
House prices increased slightly, by 0.9%, in Mid Sussex in July, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 8.3% annual growth.
The average Mid Sussex house price in July was £399,158, Land Registry figures show – a 0.9% increase on June.
Over the month, the picture was better than that across the South East, where prices decreased 1.3%, and Mid Sussex outperformed the 3.7% drop for the UK as a whole.
Over the last year, the average sale price of property in Mid Sussex rose by £31,000 – putting the area 44th 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 23.6%, to £263,000. At the other end of the scale, properties in Swale gained 1% in value, giving an average price of £259,000.
Winners and Losers
Owners of flats saw the biggest improvement in property prices in Mid Sussex in July – they increased 1.2%, to £216,745 on average. Over the last year, prices rose by 6%.
Among other types of property:
Detached: up 0.6% monthly; up 9.1% annually; £658,625 average
Semi-detached: up 1.1% monthly; up 8.9% annually; £422,153 average
Terraced: up 0.8% monthly; up 8.2% annually; £332,643 average
First steps on the property ladder
First-time buyers in Mid Sussex spent an average of £301,000 on their property – £21,000 more than a year ago, and £25,000 more than in July 2016.
By comparison, former owner-occupiers paid £463,000 on average in July – 53.6% more than first-time buyers.
How do property prices in Mid Sussex compare?
Buyers paid 12.7% more than the average price in the South East (£354,000) in July for a property in Mid Sussex. Across the South East, property prices are high compared to those across the UK, where the average cost £256,000.
The most expensive properties in the South East were in Elmbridge – £687,000 on average, and 1.7 times as much as in Mid Sussex. Elmbridge properties cost 3.2 times as much as homes in Southampton (£217,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average July sale price of £1.3 million could buy 13 properties in Burnley (average £101,000).
Average property price in July
Mid Sussex: £399,158
The South East: £354,278
Annual growth to July
Mid Sussex: +8.3%
The South East: +8.8%
Best and worst annual growth in the South East
Joanna Morris, Data Reporter