Arun house prices increased more than South East averagein March
House prices increased by one per cent – more than the average for the South East – in Arun in March, new figures show. The boost contributes to the longer-term trend, which has seen property prices in the area achieve 10.1 per cent annual growth. The average Arun house price in March was £310,821, Land Registry figures show – a 1% increase on February. Over the month, the picture was similar to that across the South East, where prices increased 0.9 per cent, but Arun underperformed compared to the 1.8 per cent rise for the UK as a whole. Over the last year, the average sale price of property in Arun rose by £28,000 – putting the area 18th among the South East’s 70 local authorities for annual growth. The best annual growth in the region was in Lewes, where property prices increased on average by 13.8 per cent, to £357,000. At the other end of the scale, properties in Hart lost 0.1 per cent of their value, giving an average price of £408,000.
Winners and Losers Owners of terraced houses saw the biggest improvement in property prices in Arun in March – they increased 1.3 per cent, to £265,201 on average. Over the last year, prices rose by 10.9%. Among other types of property: Detached: up 1.2 per cent monthly; up 11.5 per cent annually; £507,169 average
Semi-detached: up 0.9 per cent monthly; up ten per cent annually; £323,156 averageFlats: up 0.7 per cent monthly; up seven per cent annually; £175,219 average First steps on the property ladder First-time buyers in Arun spent an average of £245,000 on their property – £21,000 more than a year ago, and £40,000 more than in March 2016. By comparison, former owner-occupiers paid £353,000 on average in March – 44.1 per cent more than first-time buyers. How do property prices in Arun compare? Buyers paid 10.8 per cent less than the average price in the South East (£349,000) in March for a property in Arun. 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 – £662,000 on average, and 2.1 times as much as in Arun. Elmbridge properties cost three times as much as homes in Southampton (£219,000 average), at the other end of the scale. The highest property prices across the UK were in Kensington and Chelsea, where the average March sale price of £1.3 million could buy 14 properties in Burnley (average £94,000). Factfile Average property price in March
The South East: £348,615UK: £256,405
Annual growth to March
The South East: +7.9%
Best and worst annual growth in the South East