Worthing house prices dropped more than South East average in August

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

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 1.9% annual decline.

The average Worthing house price in August was £352,454, Land Registry figures show – a 2% decrease on July.

Over the month, the picture was different to that across the South East, where prices decreased 0.1%, and Worthing was lower than the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Worthing fell by £6,700 – putting the area 53rd 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 Worthing spent an average of £280,200 on their property – £5,900 less than a year ago, but £54,500 more than in August 2018.

By comparison, former owner-occupiers paid £414,900 on average in August – 48.1% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in Worthing in August – they dropped 2.4% in price, to £222,997 on average. Over the last year, prices dropped by 2.1%.

Among other types of property:

• Detached: down 1.7% monthly; down 1.2% annually; £662,500 average
• Semi-detached: down 1.6% monthly; down 1.5% annually; £469,334 average
• Terraced: down 1.8% monthly; down 2.5% annually; £374,734 average

How do property prices in Worthing compare?

Buyers paid 10.4% less than the average price in the South East (£393,000) in August for a property in Worthing. 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 twice the price as in Worthing. 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

• Worthing: £352,454
• The South East:£393,417
• UK: £291,044

Annual change to August

• Worthing: -1.9%
• The South East: -0.6%
• UK: +0.2%

Highest and lowest annual growth in the South East

• Oxford: +6.8%
• Hastings: -10.4%