House prices dropped by 2.2% – more than the average for the South East – in Waverley in March, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 2.8% over the last year.
The average Waverley house price in March was £535,276, Land Registry figures show – a 2.2% decrease on February.
Over the month, the picture was different to that across the South East, where prices decreased 0.4%, and Waverley was lower than the 1.2% drop for the UK as a whole.
Over the last year, the average sale price of property in Waverley rose by £14,000 – putting the area 59th among the South East’s 64 local authorities with price data for annual growth.
The highest annual growth in the region was in Sevenoaks, where property prices increased on average by 11.5%, to £544,000. At the other end of the scale, properties in Oxford lost 0.9% of their value, giving an average price of £466,000.
First steps on the property ladder
First-time buyers in Waverley spent an average of £389,000 on their property – £10,000 more than a year ago, and £53,000 more than in March 2018.
By comparison, former owner-occupiers paid £631,000 on average in March – 62.4% more than first-time buyers.
Owners of terraced houses saw the biggest fall in property prices Waverley in March – they dropped 2.9% in price, to £408,607 on average. But over the last year, prices rose by 2.5%.
Among other types of property:
- Detached: down 2% monthly; up 2.7% annually; £908,025 average
- Semi-detached: down 2.1% monthly; up 3.4% annually; £542,754 average
- Flats: down 2.3% monthly; up 1.5% annually; £265,820 average
How do property prices in Waverley compare?
Buyers paid 35.7% more than the average price in the South East (£395,000) in March for a property in Waverley. Across the South East, property prices are high compared to those across the UK, where the average cost £285,000.
The most expensive properties in the South East were in Elmbridge – £719,000 on average, and 1.3 times as much as more than in Waverley. Elmbridge properties cost 2.9 times as much 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.
Average property price in March
- Waverley: £535,276
- The South East:£394,543
- UK: £285,009
Annual growth to March
- Waverley: +2.8%
- The South East: +4.6%
- UK: +4.1%
Highest and lowest annual growth in the South East
- Sevenoaks: +11.5%
- Oxford: -0.9%