HOUSE prices increased slightly in Southampton in November, new figures
show.
But the boost does not reverse the longer-term trend, which has seen property prices in the area suffer a 0.3% annual decline .
The average Southampton house price in November was £210,954, Land Registry figures show – a 0.4% increase on October.
Over the month, the picture was similar to that across the South East, where prices increased 0.4% .
Over the last year, the average sale price of property in Southampton remained level – putting the area 41st among the South East’s 67 local authorities for annual
growth.
The best annual growth in the region was in Hart, where properties increased on average by 6.9%, to £429,000. At the other end of the scale, properties in Tandridge dropped 6.6% in value, giving an average price of £437,000.
Winners and Losers
Owners of flats saw the biggest improvement in property prices in Southampton in November – they increased 0.6%, to £153,826 on average– but over the last year, prices dropped by 1.2%.
Among other types of property:
Detached: up 0.5% monthly; down 0.2% annually; £360,161 average
Semi-detached: up 0.5% monthly; up 0.6% annually; £257,445 average
Terraced: remained level over the month; up 0.2% annually; £212,367 average
First steps on the property ladder
First-time buyers in Southampton spent an average of £ 189,460 on their property – £830 less than a year ago, and £33,150 more than in November 2014.
By comparison, former owner-occupiers paid £ 239,300 on average in November – 26.3% more than first-time
buyers.
How do property prices in Southampton
compare?
Buyers paid 35.4% less than the average price in the South East (£327,000) in November for a property in Southampton. Across the South East, property prices are lower than those across the UK, where the average cost £235,000.
The most expensive properties in the South East were in South Bucks – £598,000 on average, and 2.8 times as much as in Southampton. South Bucks properties cost 2.8 times as much as homes in Gosport (£211,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average November sale price of £1.2 million could buy 14 properties in Burnley (average £84,000).
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