Crawley house prices dropped in June

House prices dropped by 1.5% in Crawley in June, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 8.6% over the last year.

The average Crawley house price in June was £310,951, Land Registry figures show – a 1.5% decrease on May.

Over the month, the picture was different to that across the South East, where prices increased 0.8%, and Crawley was lower than the 1% rise for the UK as a whole.

Over the last year, the average sale price of property in Crawley rose by £25,000 – putting the area 54th among the South East’s 64 local authorities with price data for annual growth.

The highest annual growth in the region was in Thanet, where property prices increased on average by 21.1%, to £323,000. At the other end of the scale, properties in Oxford gained 5.1% in value, giving an average price of £474,000.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

But activity is starting to slow, with soaring inflation putting household budgets under pressure.

First steps on the property ladder

First-time buyers in Crawley spent an average of £280,000 on their property – £21,000 more than a year ago, and £30,000 more than in June 2017.

By comparison, former owner-occupiers paid £353,000 on average in June – 25.8% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices Crawley in June – they dropped 2% in price, to £628,802 on average. But over the last year, prices rose by 9.9%.

Among other types of property:

Semi-detached: down 1.7% monthly; up 11% annually; £405,208 averageTerraced: down 1.3% monthly; up 8.9% annually; £311,651 averageFlats: down 1.6% monthly; up 5% annually; £195,303 average

How do property prices in Crawley compare?

Buyers paid 20.4% less than the average price in the South East (£391,000) in June for a property in Crawley. Across the South East, property prices are low compared to those across the UK, where the average cost £286,000.

The most expensive properties in the South East were in Elmbridge – £697,000 on average, and 2.2 times as much as more than in Crawley. Elmbridge properties cost 2.9 times as much as homes in Southampton (£239,000 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 June

Crawley: £310,951The South East:£390,513UK: £286,397

Annual growth to June

Crawley: +8.6%The South East: +8.9%UK: +7.8%

Highest and lowest annual growth in the South East

Thanet: +21.1%Oxford: +5.1%