Wealden house prices increased more than South East average in March

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 increased by 3.9% – more than the average for the South East – in Wealden in March, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 15% annual growth.

The average Wealden house price in March was £416,806, Land Registry figures show – a 3.9% increase on February.

Over the month, the picture was better than that across the South East, where prices increased 1.1%, and Wealden outperformed the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Wealden rose by £54,000 – putting the area 13th 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

Owners of semi-detached houses saw the biggest improvement in property prices in Wealden in March – they increased 4.1%, to £379,722 on average. Over the last year, prices rose by 15.6%.

Among other types of property:

Detached: up 3.9% monthly; up 17% annually; £630,513 averageTerraced: up 3.7% monthly; up 13.4% annually; £317,373 averageFlats: up 3.1% monthly; up 8.3% annually; £202,638 average

First steps on the property ladder

First-time buyers in Wealden spent an average of £332,000 on their property – £42,000 more than a year ago, and £73,000 more than in March 2017.

By comparison, former owner-occupiers paid £463,000 on average in March – 39.3% more than first-time buyers.

How do property prices in Wealden compare?

Buyers paid 8.3% more than the average price in the South East (£385,000) in March for a property in Wealden. 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 1.6 times as much as more than in Wealden. 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

Wealden: £416,806The South East:£384,966UK: £278,436

Annual growth to March

Wealden: +15%The South East: +11.7%UK: +9.8%

Best and worst annual growth in the South East

Cherwell: +22.1%Slough: +1.3%