Mid Sussex house prices increased more than South East average in August
House prices increased by 4.4% – more than the average for the South East – in Mid Sussex in August, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 14.5% annual growth.
The average Mid Sussex house price in August was £427,197, Land Registry figures show – a 4.4% increase on July.
Over the month, the picture was better than that across the South East, where prices increased 1.9%, and Mid Sussex outperformed the 2.9% rise for the UK as a whole.
Over the last year, the average sale price of property in Mid Sussex rose by £54,000 – putting the area 11th among the South East’s 70 local authorities for annual growth.
The best annual growth in the region was in Rother, where property prices increased on average by 18.8%, to £348,000. At the other end of the scale, properties in Reigate and Banstead gained 0.3% in value, giving an average price of £414,000.
Winners and Losers
Owners of semi-detached houses saw the biggest improvement in property prices in Mid Sussex in August – they increased 4.8%, to £454,677 on average. Over the last year, prices rose by 15.9%.
Among other types of property:
Detached: up 4.5% monthly; up 15.2% annually; £706,368 average
Terraced: up 3.9% monthly; up 13.2% annually; £352,862 average
Flats: up 4% monthly; up 12.6% annually; £231,187 average
First steps on the property ladder
First-time buyers in Mid Sussex spent an average of £322,000 on their property – £39,000 more than a year ago, and £44,000 more than in August 2016.
By comparison, former owner-occupiers paid £496,000 on average in August – 54.1% more than first-time buyers.
How do property prices in Mid Sussex compare?
Buyers paid 19.3% more than the average price in the South East (£358,000) in August for a property in Mid Sussex. Across the South East, property prices are high compared to those across the UK, where the average cost £264,000.
The most expensive properties in the South East were in Elmbridge – £666,000 on average, and 1.6 times as much as in Mid Sussex. Elmbridge properties cost three times as much as homes in Southampton (£221,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Average property price in August
Mid Sussex: £427,197
The South East: £358,070
Annual growth to August
Mid Sussex: +14.5%
The South East: +8.7%
Best and worst annual growth in the South East
Reigate and Banstead: +0.3%