Waverley house prices dropped more than South East average in October

House prices dropped by 1.7% – more than the average for the South East – in Waverley in October, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 1.1% annual decline.

The average Waverley house price in October was £556,988, Land Registry figures show – a 1.7% decrease on September.

Over the month, the picture was different to that across the South East, where prices decreased 0.9%, and Waverley was lower than the 0.7% drop for the UK as a whole.

Over the last year, the average sale price of property in Waverley fell by £6,500 – putting the area 32nd among the South East’s 64 local authorities with price data for annual growth.

The highest annual growth in the region was in Tandridge, where property prices increased on average by 10.3%, to £575,000. At the other end of the scale, properties in Hastings lost 9.2% of their value, giving an average price of £269,000.

First steps on the property ladder

First-time buyers in Waverley spent an average of £404,000 on their property – £5,300 less than a year ago, but £53,500 more than in October 2018.

By comparison, former owner-occupiers paid £657,000 on average in October – 62.7% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in Waverley in October – they dropped 1.9% in price, to £273,288 on average. Over the last year, prices dropped by 2.2%.

Among other types of property:

How do property prices in Waverley compare?

Buyers paid 43.1% more than the average price in the South East (£389,000) in October for a property in Waverley. Across the South East, property prices are high compared to those across the UK, where the average cost is £288,000.

The most expensive properties in the South East were in Elmbridge – £721,000 on average, and 1.3 times the price as in Waverley. Elmbridge properties cost three times the price as homes in Southampton (£243,000 average), at the other end of the scale.

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

Factfile

Average property price in October

Annual change to October

Highest and lowest annual growth in the South East