Mid Sussex house prices increased more than South East average in March
House prices increased by 1.8% – more than the average for the South East – in Mid Sussex in March, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 17.3% annual growth.
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Hide AdThe average Mid Sussex house price in March was £459,754, Land Registry figures show – a 1.8% increase on February.
Over the month, the picture was better than that across the South East, where prices increased 1.1%, and Mid Sussex outperformed the 0.3% rise for the UK as a whole.
Over the last year, the average sale price of property in Mid Sussex rose by £68,000 – putting the area fourth 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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Hide AdOwners of semi-detached houses saw the biggest improvement in property prices in Mid Sussex in March – they increased 2.1%, to £490,469 on average. Over the last year, prices rose by 18.9%.
Among other types of property:
Detached: up 1.7% monthly; up 19.8% annually; £778,017 averageTerraced: up 1.5% monthly; up 15% annually; £377,719 averageFlats: up 1.8% monthly; up 13.7% annually; £241,093 average
First steps on the property ladder
First-time buyers in Mid Sussex spent an average of £344,000 on their property – £48,000 more than a year ago, and £69,000 more than in March 2017.
By comparison, former owner-occupiers paid £537,000 on average in March – 56.2% more than first-time buyers.
How do property prices in Mid Sussex compare?
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Hide AdBuyers paid 19.4% more than the average price in the South East (£385,000) in March for a property in Mid Sussex. 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 1.5 times as much as more than in Mid Sussex. 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
Mid Sussex: £459,754The South East:£384,966UK: £278,436
Annual growth to March
Mid Sussex: +17.3%The South East: +11.7%UK: +9.8%
Best and worst annual growth in the South East
Cherwell: +22.1%Slough: +1.3%