The boost contributes to the longer-term trend, which has seen property prices in the area achieve 15.5% annual growth.
The average Waverley house price in July was £563,035, Land Registry figures show –a 0.9% increase on June.
Over the month, the picture was less good than that across the South East, where prices increased 2.1%, and Waverley underperformed compared to the 2% rise for the UK as a whole.
Across the UK, the the average UK house price leapt by 15.5% in the year to July, marking the biggest increase in 19 years.
But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.
Over the last year, the average sale price of property in Waverley rose by £76,000 – putting the area ninth among the South East’s 64 local authorities with price data for annual growth.
The best annual growth in the region was in Thanet, where property prices increased on average by 22.3%, to £326,000. At the other end of the scale, properties in Elmbridge gained just 5.9% in value, giving an average price of £697,000.
Winners and Losers
Owners of semi-detached houses saw the biggest improvement in property prices in Waverley in July – they increased 1.1%, to £568,704 on average. Over the last year, prices rose by 16.8%.
Among other types of property:
- Detached: up 0.9% monthly; up 17.1% annually; £955,452 average
- Terraced: up 0.8% monthly; up 14.8% annually; £433,315 average
- Flats: up 0.7% monthly; up 10.1% annually; £279,516 average
First steps on the property ladder
First-time buyers in Waverley spent an average of £409,000 on their property – £52,000 more than a year ago, and £72,000 more than in July 2017.
By comparison, former owner-occupiers paid £664,000 on average in July – 62.2% more than first-time buyers.
How do property prices in Waverley compare?
Buyers paid 41.2% more than the average price in the South East (£399,000) in July for a property in Waverley. Across the South East, property prices are high compared to those across the UK, where the average cost £292,000.
The most expensive properties in the South East were in Elmbridge – £697,000 on average, and 1.2 times as much as more than in Waverley. Elmbridge properties cost 2.9 times as much 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.
Average property price in July
- Waverley: £563,035
- The South East:£398,781
- UK: £292,118
Annual growth to July
- Waverley: +15.5%
- The South East: +15.8%
- UK: +15.5%
Best and worst annual growth in the South East
- Thanet: +22.3%
- Elmbridge: +5.9%