Arun house prices increased in September
House prices increased by 2.8 per cent in Arun in September, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 17.8 per cent annual growth.
The average Arun house price in September was £338,647, Land Registry figures show – a 2.8 per cent increase on August.
Over the month, the picture was similar to that across the South East, where prices increased three per cent, but Arun outperformed the 2.5 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Arun rose by £51,000 – putting the area fourth 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 21.2 per cent, to £359,000.
At the other end of the scale, properties in Runnymede lost 1.6 per cent of their value, giving an average price of £408,000.
Winners and Losers
Owners of detached houses saw the biggest improvement in property prices in Arun in September – they increased three per cent, to £552,930 on average.
Over the last year, prices rose by 18.9 per cent.
Among other types of property:
Terraced: up 2.9 per cent monthly; up 18.7 per cent annually; £290,212 average
Flats: up 2.3 per cent monthly; up 14.2 per cent annually; £187,820 average
First steps on the property ladder
First-time buyers in Arun spent an average of £266,000 on their property – £39,000 more than a year ago, and £53,000 more than in September 2016.
By comparison, former owner-occupiers paid £385,000 on average in September – 44.4 per cent more than first-time buyers.
How do property prices in Arun compare?
Buyers paid 8.7 per cent less than the average price in the South East (£371,000) in September for a property in Arun.
Across the South East, property prices are high compared to those across the UK, where the average cost £270,000.
The most expensive properties in the South East were in Elmbridge – £664,000 on average, and twice as much as in Arun.
Elmbridge properties cost 2.9 times as much as homes in Southampton (£230,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Average property price in September
The South East: £370,886
Annual growth to September
Arun: +17.8 per cent
The South East: +11.7 per cent
UK: +11.8 per cent
Best and worst annual growth in the South East Rother: +21.2 per cent
Runnymede: -1.6 per cent