Mid Sussex house prices increased slightly in May

House prices increased slightly, by 0.1%, in Mid Sussex in May, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 17.6% over the last year.

The average Mid Sussex house price in May was £455,501, Land Registry figures show – a 0.1% increase on April.

Over the month, the picture was different to that across the South East, where prices increased 1.4%, and Mid Sussex was lower than the 1.2% 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 second among the South East’s 64 local authorities with price data for annual growth.

The highest annual growth in the region was in the Isle of Wight, where property prices increased on average by 18.1%, to £292,000. At the other end of the scale, properties in Oxford gained 4.8% in value, giving an average price of £466,000.

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.

Sarah Coles, senior personal finance analyst at financial advice company Hargreaves Lansdown, said:“The average house price hit another record high in May, and rose faster than any time since the peak in June last year.

"However, we’re starting to see small changes in the market, which are likely to mean weaker growth in the coming months, especially if interest rates are hiked in August."

First steps on the property ladder

First-time buyers in Mid Sussex spent an average of £341,000 on their property – £49,000 more than a year ago, and £68,000 more than in May 2017.

By comparison, former owner-occupiers paid £532,000 on average in May – 56.2% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Mid Sussex in May – they increased 0.5%, to £378,660 on average. Over the last year, prices rose by 16.9%.

Among other types of property:

Detached: up 0.1% monthly; up 19.7% annually; £769,674 averageSemi-detached: up 0.2% monthly; up 19.2% annually; £486,325 averageFlats: down 0.4% monthly; up 13.3% annually; £236,280 average

How do property prices in Mid Sussex compare?

Buyers paid 17.2% more than the average price in the South East (£389,000) in May for a property in Mid Sussex. Across the South East, property prices are higher than those across the UK, where the average cost £283,000.

The most expensive properties in the South East were in Elmbridge – £719,000 on average, and 1.6 times as much as more than in Mid Sussex. Elmbridge properties cost three times as much as homes in 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 May

Mid Sussex: £455,501The South East:£388,531UK: £283,496

Annual growth to May

Mid Sussex: +17.6%The South East: +13.5%UK: +12.8%

Highest and lowest annual growth in the South East

The Isle of Wight: +18.1%Oxford: +4.8%