Mid Sussex house prices increased more than South East average in January

House prices increased by 2% – more than the average for the South East – in Mid Sussex in January, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 16% annual growth.

The average Mid Sussex house price in January was £444,918, Land Registry figures show – a 2% increase on December.

Over the month, the picture was better than that across the South East, where prices increased 0.5%, and Mid Sussex outperformed the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in Mid Sussex rose by £61,000 – 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 East Hampshire, where property prices increased on average by 16.7%, to £456,000. At the other end of the scale, properties in Slough gained just 2.5% in value, giving an average price of £307,000.

Winners and Losers

Owners of flats saw the biggest improvement in property prices in Mid Sussex in January – they increased 2.4%, to £233,503 on average. Over the last year, prices rose by 11.9%.

Among other types of property:

Detached: up 1.6% monthly; up 18.5% annually; £752,868 averageSemi-detached: up 2.1% monthly; up 17.7% annually; £473,449 averageTerraced: up 2.1% monthly; up 14.2% annually; £366,799 average

First steps on the property ladder

First-time buyers in Mid Sussex spent an average of £332,000 on their property – £43,000 more than a year ago, and £54,000 more than in January 2017.

By comparison, former owner-occupiers paid £520,000 on average in January – 56.6% more than first-time buyers.

How do property prices in Mid Sussex compare?

Buyers paid 17.6% more than the average price in the South East (£378,000) in January for a property in Mid Sussex. Across the South East, property prices are higher than those across the UK, where the average cost £274,000.

The most expensive properties in the South East were in Elmbridge – £695,000 on average, and 1.6 times as much as more than in Mid Sussex. Elmbridge properties cost three times as much as homes in Portsmouth (£235,000 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 January

Mid Sussex: £444,918The South East:£378,311UK: £273,762

Annual growth to January

Mid Sussex: +16%The South East: +11.1%UK: +9.6%

Best and worst annual growth in the South East

East Hampshire: +16.7%Slough: +2.5%