Rother house prices dropped slightly in November

House prices dropped slightly, by 0.3%, in Rother in November, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 16.6% over the last year – the highest in the South East.

The average Rother house price in November was £395,163, Land Registry figures show – a 0.3% decrease on October.

Over the month, the picture was similar to that across the South East, where prices decreased 0.5%.

Over the last year, the average sale price of property in Rother rose by £56,000 – putting the area top among the South East’s 64 local authorities with price data for annual growth.

At the other end of the scale, properties in South Oxfordshire gained 4.1% in value, giving an average price of £530,000.

The average UK house price edged down to £295,000 in November 2022, from the previous month's record high of £296,000.

Property prices increased by 10.3% in the year to November, slowing from 12.4% in October.

Nathan Emerson, CEO of Propertymark, which represents estate agents, said: "In November, our agents reported a market that was on the cusp of seeing purchasing power handed back to buyers which was a trend we hadn’t seen in months."

And Roger Evans, director of home finance distribution at Gatehouse Bank, said: “The property market is slowly becoming more favourable for buyers in some areas as rates stabilise a little following the turbulence of 2022.”

First steps on the property ladder

First-time buyers in Rother spent an average of £308,000 on their property – £43,000 more than a year ago, and £80,000 more than in November 2017.

By comparison, former owner-occupiers paid £441,000 on average in November – 43.2% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices Rother in November – they dropped 0.4% in price, to £626,578 on average. But over the last year, prices rose by 16.8%.

Among other types of property:

Semi-detached: down 0.1% monthly; up 18.5% annually; £395,314 averageTerraced: down 0.2% monthly; up 18.4% annually; £324,335 averageFlats: down 0.3% monthly; up 13.2% annually; £208,551 average

How do property prices in Rother compare?

Buyers paid 1.8% less than the average price in the South East (£402,000) in November for a property in Rother. Across the South East, property prices are roughly the same as those across the UK, where the average cost £295,000.

The most expensive properties in the South East were in Elmbridge – £740,000 on average, and 1.9 times as much as more than in Rother. Elmbridge properties cost 2.9 times as much as homes in Southampton (£252,000 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 November

Rother: £395,163The South East:£402,466UK: £294,910

Annual growth to November

Rother: +16.6%The South East: +10%UK: +10.3%

Highest and lowest annual growth in the South East

Rother: +16.6%South Oxfordshire: +4.1%