But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 1.9% over the last year.
The average Waverley house price in June was £549,181, Land Registry figures show – a 0.2% decrease on May.
Over the month, the picture was different to that across the South East, where prices increased 0.6%, and Waverley was lower than the 0.7% rise for the UK as a whole.
Over the last year, the average sale price of property in Waverley rose by £10,000 – putting the area 28th among the South East’s 64 local authorities with price data for annual growth.
The highest annual growth in the region was in West Oxfordshire, where property prices increased on average by 13.1%, to £421,000. At the other end of the scale, properties in Elmbridge lost 5.4% of their value, giving an average price of £659,000.
First steps on the property ladder
First-time buyers in Waverley spent an average of £399,000 on their property – £7,200 more than a year ago, and £56,100 more than in June 2018.
By comparison, former owner-occupiers paid £647,000 on average in June – 62.2% more than first-time buyers.
Owners of detached houses saw the biggest fall in property prices in Waverley in June – they dropped 0.5% in price, to £930,089 on average. But over the last year, prices rose by 1.9%.
Among other types of property:
How do property prices in Waverley compare?
Buyers paid 40.3% more than the average price in the South East (£391,000) in June 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 – £659,000 on average, and 1.2 times the price as in Waverley. Elmbridge properties cost 2.7 times the price as homes in Southampton (£246,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, with an average price of £1.3 million.
Average property price in June
- Waverley: £549,181
- The South East:£391,406
- UK: £287,546
Annual growth to June
- Waverley: +1.9%
- The South East: +1.3%
- UK: +1.7%
Highest and lowest annual growth in the South East
- West Oxfordshire: +13.1%
- Elmbridge: -5.4%