Arun house prices dropped slightly in November

House prices dropped slightly, by 0.5%, in Arun in November, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 11.2 per cent annual growth.

The average Arun house price in November was £330,061, Land Registry figures show – a 0.5 per cent decrease on October.

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

Arun house prices dropped slightly in November

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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.

Winners and Losers

Owners of flats fared worst in Arun in November – they dropped one per cent in price, to £179,920 on average.

But over the last year, prices rose by 6.3 per cent .

Detached: up 0 per cent monthly; up 13.5 per cent annually; £547,286 average

Semi-detached: down 0.4 per cent monthly; up 12.4 per cent annually; £346,757 average

Terraced: down 0.6 per cent monthly; up 11.4 per cent annually; £280,715 average

First steps on the property ladder

First-time buyers in Arun spent an average of £258,000 on their property – £24,000 more than a year ago, and £46,000 more than in November 2016.

By comparison, former owner-occupiers paid £377,000 on average in November – 45.8 per cent more than first-time buyers.

Buyers paid 10.6 per cent less than the average price in the South East (£369,000) in November for a property in Arun.

Across the South East, property prices are lower 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 2.1 times as much as more than in Arun.

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.

Factfile

Average property price in November Arun: £330,061

The South East: £369,093

UK: £270,708

Annual growth to November Arun: +11.2 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