Here’s how much first time buyers are spending to buy a home in Mid Sussex

House prices increased by 0.5 per cent – more than the average for the South East – in Mid Sussex in January, new figures show.

Tuesday, 30th March 2021, 9:41 am

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 4.3 per cent annual growth.

The average Mid Sussex house price in January was £385,128, Land Registry figures show – a 0.5 percent increase on December.

Over the month, the picture was similar to that across the South East where prices increased 0.1 per cent, and Mid Sussex outperformed the 0.5 per cent drop for the UK as a whole.

Mid Sussex house prices increased more than South East average in January. Picture: PA

Over the past year, the average sale price of property in Mid Sussex rose by £16,000 – putting the area 47th among the South East’s 70 local authorities for annual growth.

The best annual growth in the region was in the Isle of Wight, where property prices increased on average by 14.7 per cent, to £256,000. At the other end of the scale, properties in Horsham lost 0.8 per cent of their value, giving an average price of £375,000.

Owners of semi-detached houses saw the biggest improvement in property prices in Mid Sussex in January – they increased 1 per cent, to £406,650 on average. Over the last year, prices rose by 4.7 per cent.

Among other types of property: Detached: up 0.5 per cent monthly; up 5.8 per cent annually; £639,966 average.

Terraced: up 0.6 per cent monthly; up 4.7 per cent annually; £322,105 average.

Flats: down 0.4 per cent monthly; up 0.6 per cent annually; £206,515 average.

First-time buyers in Mid Sussex spent an average of £289,400 on their property – £8,900 more than a year ago, and £29,000 more than in December 2015.

By comparison, former owner-occupiers paid £448,000 on average in January – 54.8 per cent more than first-time buyers.

Buyers paid 12.5 per cent more than the average price in the South East (£342,000) in January for a property in Mid Sussex. Across the South East, property prices are high compared to those across the UK, where the average cost £249,000.

The most expensive properties in the South East were in Elmbridge – £644,000 on average, and 1.7 times as much as in Mid Sussex. Elmbridge properties cost three times as much as homes in Southampton (£213,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average January sale price of £1.3 million could buy 14 properties in Blaenau Gwent (average £93,000).