House prices dropped by 0.9% – more than the average for the South East – in Waverley in November, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 0.7% annual decline.

The average Waverley house price in November was £556,486, Land Registry figures show – a 0.9% decrease on October.

Over the month, the picture was similar to that across the South East, where prices decreased 0.4%, and Waverley was lower than the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in Waverley fell by £4,000 – putting the area 24th 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 Waverley spent an average of £405,400 on their property – £1,900 less than a year ago, but £64,600 more than in November 2018.

By comparison, former owner-occupiers paid £654,700 on average in November – 61.5% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in Waverley in November – they dropped 1.4% in price, to £936,054 on average. Over the last year, prices dropped by 1.4%.

Among other types of property:

How do property prices in Waverley compare?

Buyers paid 44.2% more than the average price in the South East (£386,000) in November for a property in Waverley. 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 1.2 times the price as in Waverley. 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

Annual change to November

Highest and lowest annual growth in the South East