Mid Sussex house prices increased in August

House prices increased by 1.9% in Mid Sussex in August, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 4.5% over the last year.

The average Mid Sussex house price in August was £470,696, Land Registry figures show – a 1.9% increase on July.

Over the month, the picture was different to that across the South East, where prices decreased 0.1%, and Mid Sussex was above 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 £20,000 – putting the area fourth 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 6.8%, to £508,000. At the other end of the scale, properties in Hastings lost 10.4% of their value, giving an average price of £261,000.

First steps on the property ladder

First-time buyers in Mid Sussex spent an average of £351,000 on their property – £15,000 more than a year ago, and £63,000 more than in August 2018.

By comparison, former owner-occupiers paid £551,000 on average in August – 57.1% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Mid Sussex in August – they increased 2.2%, to £504,101 on average. Over the last year, prices rose by 4.8%.

Among other types of property:

• Detached: up 2% monthly; up 5.2% annually; £798,006 average
• Terraced: up 2% monthly; up 3.4% annually; £391,090 average
• Flats: up 1.2% monthly; up 3.8% annually; £241,697 average

How do property prices in Mid Sussex compare?

Buyers paid 19.6% more than the average price in the South East (£393,000) in August for a property in Mid Sussex. Across the South East, property prices are high compared to those across the UK, where the average cost is £291,000.

The most expensive properties in the South East were in Elmbridge – £706,000 on average, and 1.5 times the price as in Mid Sussex. Elmbridge properties cost 2.8 times the price as homes in Southampton (£249,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea (£1.4 million).

Factfile

Average property price in August

• Mid Sussex: £470,696
• The South East:£393,417
• UK: £291,044

Annual change to August

• Mid Sussex: +4.5%
• The South East: -0.6%
• UK: +0.2%

Highest and lowest annual growth in the South East

• Oxford: +6.8%
• Hastings: -10.4%