Hastings house prices increased more than South East average in July
House prices increased by 4.4% – more than the average for the South East – in Hastings in July, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 10.5% annual growth.
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Hide AdThe average Hastings house price in July was £280,410, Land Registry figures show –a 4.4% increase on June.
Over the month, the picture was better than that across the South East, where prices increased 2.1%, and Hastings outperformed 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.
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Hide AdOver the last year, the average sale price of property in Hastings rose by £27,000 – putting the area 51st 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 terraced houses saw the biggest improvement in property prices in Hastings in July – they increased 4.6%, to £288,215 on average. Over the last year, prices rose by 12%.
Among other types of property:
Detached: up 3.9% monthly; up 12.1% annually; £537,731 averageSemi-detached: up 4.6% monthly; up 12.8% annually; £373,129 averageFlats: up 4.5% monthly; up 6.8% annually; £170,661 average
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Hide AdFirst steps on the property ladder
First-time buyers in Hastings spent an average of £250,000 on their property – £23,000 more than a year ago, and £66,000 more than in July 2017.
By comparison, former owner-occupiers paid £310,000 on average in July – 23.9% more than first-time buyers.
How do property prices in Hastings compare?
Buyers paid 29.7% less than the average price in the South East (£399,000) in July for a property in Hastings. Across the South East, property prices are low 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 2.5 times as much as more than in Hastings. Elmbridge properties cost 2.9 times as much as homes in Southampton (£243,000 average), at the other end of the scale.
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Hide AdThe highest property prices across the UK were in Kensington and Chelsea.
Factfile
Average property price in July
Hastings: £280,410The South East:£398,781UK: £292,118
Annual growth to July
Hastings: +10.5%The South East: +15.8%UK: +15.5%
Best and worst annual growth in the South East
Thanet: +22.3%Elmbridge: +5.9%