Worthing house prices dropped in July

House prices dropped by 1.8% in Worthing in July, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 0.2% annual decline.

The average Worthing house price in July was £355,177, Land Registry figures show – a 1.8% decrease on June.

Over the month, the picture was different to that across the South East, where prices increased 0.5%, and Worthing was lower than the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Worthing fell by £580 – putting the area 45th 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 7%, to £403,000. At the other end of the scale, properties in Eastbourne lost 3.6% of their value, giving an average price of £293,000.

First steps on the property ladder

First-time buyers in Worthing spent an average of £282,400 on their property – £1,100 less than a year ago, but £59,300 more than in July 2018.

By comparison, former owner-occupiers paid £417,900 on average in July – 48% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in Worthing in July – they dropped 2% in price, to £225,261 on average. Over the last year, prices dropped by 0.3%.

Among other types of property:

• Detached: down 1.6% monthly; up 0.3% annually; £666,832 average
• Semi-detached: down 1.7% monthly; down 0% annually; £471,448 average
• Terraced: down 1.5% monthly; down 0.7% annually; £376,974 average

How do property prices in Worthing compare?

Buyers paid 9.9% less than the average price in the South East (£394,000) in July for a property in Worthing. Across the South East, property prices are high compared to those across the UK, where the average cost is £290,000.

The most expensive properties in the South East were in Elmbridge – £678,000 on average, and 1.9 times the price as in Worthing. Elmbridge properties cost 2.7 times the price as homes in Southampton (£248,000 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 July

• Worthing: £355,177
• The South East:£394,096
• UK: £289,824

Annual change to July

• Worthing: -0.2%
• The South East: +0.4%
• UK: +0.6%

Highest and lowest annual growth in the South East

• West Oxfordshire: +7%
• Eastbourne: -3.6%