Mid Sussex house price increase beats South East average

House prices increased by 1.1 per cent – more than the average for the South East – in Mid Sussex in November, new figures show.

By Katie Williams, Data Reporter

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 16.2 per cent annual growth.

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The average Mid Sussex house price in November was £433,042, Land Registry figures show – a 1.1 per cent increase on October.

New figures show that house prices increased by 1.1 per cent in Mid Sussex in November.

Over the month, the picture was better than that across the South East, where prices increased 0.5 per cent, but Mid Sussex underperformed compared to the 1.2 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Mid Sussex rose by £60,000 – putting the area fifth among the South East’s 64 local authorities with price data for annual growth.

The best annual growth in the region was in Hastings, where property prices increased on average by 22.4 per cent, to £276,000. At the other end of the scale, properties in Woking gained just 3.7 per cent in value, giving an average price of £442,000.

Owners of detached houses saw the biggest improvement in property prices in Mid Sussex in November – they increased 1.3 per cent, to £731,205 on average. Over the last year, prices rose by 18.5 per cent.

Among other types of property:

Semi-detached: up 1.2 per cent monthly; up 18.1 per cent annually; £461,568 average.

Terraced: up 0.8 per cent monthly; up 14.1 per cent annually; £355,476 average.

Flats: up 0.7 per cent monthly; up 12.3 per cent annually; £228,221 average.

First-time buyers in Mid Sussex spent an average of £324,000 on their property – £43,000 more than a year ago, and £49,000 more than in November 2016.

By comparison, former owner-occupiers paid £506,000 on average in November – 56.3 per cent more than first-time buyers.

Buyers paid 17.3 per cent more than the average price in the South East (£369,000) in November for a property in Mid Sussex. Across the South East, property prices are higher than those across the UK, where the average cost £271,000.

The most expensive properties in the South East were in Elmbridge – £692,000 on average, and 1.6 times as much as more than in Mid Sussex. Elmbridge properties cost three times as much as homes in Southampton (£233,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Average property price in November

Mid Sussex: £433,042.

The South East: £369,093.

UK: £270,708.

Annual growth to November

Mid Sussex: +16.2 per cent.

The South East: +9.6 per cent.

UK: +10 per cent.

Best and worst annual growth in the South East

Hastings: +22.4 per cent.

Woking: +3.7 per cent.