Hastings house prices increased in November

General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.

House prices increased by 3.5% in Hastings in November, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 5.7% annual decline.

The average Hastings house price in November was £272,480, Land Registry figures show – a 3.5% increase on October.

Over the month, the picture was different to that across the South East, where prices decreased 0.4%, and Hastings was above the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in Hastings fell by £16,000 – putting the area 55th among the South East’s 64 local authorities with price data for annual growth.

The highest annual growth in the region was in Oxford, where property prices increased on average by 5.7%, to £507,000. At the other end of the scale, properties in Surrey Heath lost 8.6% of their value, giving an average price of £430,000.

First steps on the property ladder

First-time buyers in Hastings spent an average of £242,000 on their property – £16,000 less than a year ago, but £53,000 more than in November 2018.

By comparison, former owner-occupiers paid £303,000 on average in November – 25.1% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Hastings in November – they increased 4%, to £532,031 on average. Over the last year, prices dropped by 4.3%.

Among other types of property:

Semi-detached:

Terraced:

Flats:

How do property prices in Hastings compare?

Buyers paid 29.4% less than the average price in the South East (£386,000) in November for a property in Hastings. Across the South East, property prices are high compared to those across the UK, where the average cost is £285,000.

The most expensive properties in the South East were in Elmbridge – £695,000 on average, and 2.6 times the price as in Hastings. Elmbridge properties cost 2.9 times the price 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 November

Hastings: £272,480
The South East:£385,844
UK: £284,950

Annual change to November

Hastings: -5.7%
The South East: -2.3%
UK: -2.1%

Highest and lowest annual growth in the South East

Oxford: +5.7%
Surrey Heath: -8.6%