Arun house prices dropped slightly in August
House prices dropped slightly, by 0.8 per cent, in Arun in August, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 14.7 per cent annual growth.
The average Arun house price in August was £324,330, Land Registry figures show – a 0.8 per cent decrease on July.
Over the month, the picture was worse than that across the South East, where prices increased 1.9 per cent, and Arun underperformed compared to the 2.9 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Arun rose by £42,000 – putting the area 10th 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 per cent, to £348,000. At the other end of the scale, properties in Reigate and Banstead gained 0.3 per cent in value, giving an average price of £414,000.
Winners and Losers
Owners of flats fared worst in Arun in August – they dropped 1.6 per cent in price, to £180,151 on average. But over the last year, prices rose by 10.7 per cent.
Among other types of property:
Detached: down 0.6 per cent monthly; up 16 per cent annually; £529,042 average
Semi-detached: down 0.5 per cent monthly; up 15.4 per cent annually; £340,305 average
Terraced: down 0.9 per cent monthly; up 15.8 per cent annually; £278,044 average
First steps on the property ladder
First-time buyers in Arun spent an average of £255,000 on their property – £31,000 more than a year ago, and £46,000 more than in August 2016.
By comparison, former owner-occupiers paid £369,000 on average in August – 44.5% more than first-time buyers.
How do property prices in Arun compare?
Buyers paid 9.4 per cent less than the average price in the South East (£358,000) in August for a property in Arun. 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 2.1 times as much as in Arun. 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
The South East: £358,070
UK: £264,244Annual growth to August
Arun: +14.7 per cent
The South East: +8.7 per cent
UK: +10.6 per cent
Best and worst annual growth in the South East
Rother: +18.8 per cent
Reigate and Banstead: +0.3 per cent