Mid Sussex house prices increase slightly, outperforming drop in south east
House prices increased slightly, by 0.6 per cent, in Mid Sussex in April, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 6.5 per cent annual growth.
The average Mid Sussex house price in April was £403,382, Land Registry figures show – a 0.6 per cent increase on March.
Over the month, the picture was better than that across the South East, where prices decreased 2.3 per cent, and Mid Sussex outperformed the 1.9 per cent drop for the UK as a whole.
Over the past year, the average sale price of property in Mid Sussex rose by £25,000 – putting the area 42nd 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 14.6 per cent, to £245,000. At the other end of the scale, properties in West Oxfordshire lost 3.2 per cent of their value, giving an average price of £319,000
Owners of semi-detached houses saw the biggest improvement in property prices in Mid Sussex in April – they increased 0.8 per cent, to £425,529 on average. Over the last year, prices rose by 7.1 per cent.
Among other types of property:
Detached: up 0.6 per cent monthly; up 7.1 per cent annually; £668,109 average.
Terraced: up 0.6 per cent monthly; up 7.2 per cent annually; £337,742 average.
Flats: up 0.6 per cent monthly; up 3.9 per cent annually; £217,432 average.
First-time buyers in Mid Sussex spent an average of £304,000 on their property – £17,000 more than a year ago, and £39,000 more than in April 2016.
By comparison, former owner-occupiers paid £468,000 on average in April – 53.8 per cent more than first-time buyers.
Buyers paid 18.2 per cent more than the average price in the South East (£341,000) in April for a property in Mid Sussex. Across the South East, property prices are high compared to those across the UK, where the average cost £251,000.
The most expensive properties in the South East were in Elmbridge – £648,000 on average, and 1.6 times as much as in Mid Sussex. Elmbridge properties cost three times as much as homes in Southampton (£218,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average April sale price of £1.1 million could buy 11 properties in East Ayrshire (average £105,000).
Average property prices in April were: £403,382 for Mid Sussex, £341,358 for the south east and £250,772 for the UK.