Worthing house prices increased more than South East average in June

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

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 14.8% over the last year.

The average Worthing house price in June was £350,743, Land Registry figures show – a 2% increase on May.

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

Over the last year, the average sale price of property in Worthing rose by £45,000 – putting the area eighth 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 Worthing spent an average of £280,000 on their property – £35,000 more than a year ago, and £58,000 more than in June 2017.

By comparison, former owner-occupiers paid £411,000 on average in June – 46.7% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Worthing in June – they increased 2.6%, to £373,556 on average. Over the last year, prices rose by 16.2%.

Among other types of property:

Detached: up 1.4% monthly; up 16.6% annually; £653,437 averageSemi-detached: up 2% monthly; up 17% annually; £463,397 averageFlats: up 1.9% monthly; up 11.6% annually; £223,778 average

How do property prices in Worthing compare?

Buyers paid 10.2% less than the average price in the South East (£391,000) in June for a property in Worthing. Across the South East, property prices are lower than 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 twice as much as more than in Worthing. 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

Worthing: £350,743The South East:£390,513UK: £286,397

Annual growth to June

Worthing: +14.8%The South East: +8.9%UK: +7.8%

Highest and lowest annual growth in the South East

Thanet: +21.1%Oxford: +5.1%