Lewes house prices dropped in March

House prices dropped by 1.5% in Lewes in March, new figures show.
File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.
File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.

House prices dropped by 1.5% in Lewes in March, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 16.4% annual growth.

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The average Lewes house price in March was £399,628, Land Registry figures show – a 1.5% decrease on February.

Over the month, the picture was worse than that across the South East, where prices increased 1.1%, and Lewes underperformed compared to the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Lewes rose by £56,000 – putting the area sixth among the South East’s 64 local authorities with price data for annual growth.

The best annual growth in the region was in Cherwell, where property prices increased on average by 22.1%, to £378,000. At the other end of the scale, properties in Slough gained just 1.3% in value, giving an average price of £303,000.

Winners and Losers

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Owners of flats fared worst in Lewes in March – they dropped 1.8% in price, to £210,519 on average. But over the last year, prices rose by 12.1%.

Among other types of property:

Detached: down 1.5% monthly; up 18.5% annually; £615,954 averageSemi-detached: down 1.2% monthly; up 17.5% annually; £419,058 averageTerraced: down 1.5% monthly; up 15.5% annually; £337,278 average

First steps on the property ladder

First-time buyers in Lewes spent an average of £311,000 on their property – £41,000 more than a year ago, and £71,000 more than in March 2017.

By comparison, former owner-occupiers paid £455,000 on average in March – 46.1% more than first-time buyers.

How do property prices in Lewes compare?

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Buyers paid 3.8% more than the average price in the South East (£385,000) in March for a property in Lewes. Across the South East, property prices are higher than those across the UK, where the average cost £278,000.

The most expensive properties in the South East were in Elmbridge – £675,000 on average, and 1.7 times as much as more than in Lewes. Elmbridge properties cost 2.8 times as much as homes in Southampton (£238,000 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 March

Lewes: £399,628The South East:£384,966UK: £278,436

Annual growth to March

Lewes: +16.4%The South East: +11.7%UK: +9.8%

Best and worst annual growth in the South East

Cherwell: +22.1%Slough: +1.3%