Waverley house prices increased in May

House prices increased by 2.3% in Waverley in May, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 4.1% over the last year.

The average Waverley house price in May was £554,517, Land Registry figures show – a 2.3% increase on April.

Over the month, the picture was different to that across the South East, where prices decreased 0.9%, and Waverley was above the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in Waverley rose by £22,000 – putting the area 22nd among the South East’s 64 local authorities with price data for annual growth.

The highest annual growth in the region was in Winchester, where property prices increased on average by 10%, to £518,000. At the other end of the scale, properties in Elmbridge lost 4.7% of their value, giving an average price of £665,000.

First steps on the property ladder

First-time buyers in Waverley spent an average of £403,000 on their property – £16,000 more than a year ago, and £63,000 more than in May 2018.

By comparison, former owner-occupiers paid £653,000 on average in May – 62.3% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Waverley in May – they increased 2.7%, to £277,021 on average. Over the last year, prices rose by 4.1%.

Among other types of property:

How do property prices in Waverley compare?

Buyers paid 42.6% more than the average price in the South East (£389,000) in May for a property in Waverley. Across the South East, property prices are high compared to those across the UK, where the average cost is £286,000.

The most expensive properties in the South East were in Elmbridge – £665,000 on average, and 1.2 times the price as in Waverley. Elmbridge properties cost 2.7 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.

Factfile

Average property price in May

Annual growth to May

Highest and lowest annual growth in the South East