Rother house prices increased more than South East average in October

House prices increased by 2.8% – more than the average for the South East – in Rother in October, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 19.6% over the last year – the highest in the South East.

The average Rother house price in October was £401,052, Land Registry figures show – a 2.8% increase on September.

Over the month, the picture was different to that across the South East, where prices increased 0.1%, and Rother was above the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Rother rose by £66,000 – 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 Guildford gained 6.5% in value, giving an average price of £533,000.

Average UK house prices increased by 12.6% in the year to October, accelerating from 9.9% in September.

The increase in the annual percentage change was partly caused by a sharp fall in average house prices in October 2021, following changes to stamp duty.

The average UK house price was £296,400 in October, which was £33,000 higher than a year earlier.

Tom Bill, head of UK residential research at Knight Frank, said: “Despite today’s figures, double-digit UK house price growth is now a thing of the past.

“Even as the reverberations of the mini-budget fade, a more adverse lending landscape is emerging after 13 years of ultra-low rates."

First steps on the property ladder

First-time buyers in Rother spent an average of £313,000 on their property – £50,000 more than a year ago, and £85,000 more than in October 2017.

By comparison, former owner-occupiers paid £448,000 on average in October – 43.1% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Rother in October – they increased 2.9%, to £635,940 on average. Over the last year, prices rose by 20%.

Among other types of property:

Semi-detached: up 2.9% monthly; up 21.6% annually; £401,187 averageTerraced: up 2.7% monthly; up 21.3% annually; £329,156 averageFlats: up 2.3% monthly; up 15.8% annually; £211,666 average

How do property prices in Rother compare?

Buyers paid 1% less than the average price in the South East (£405,000) in October for a property in Rother. Across the South East, property prices are roughly the same as those across the UK, where the average cost £296,000.

The most expensive properties in the South East were in Elmbridge – £741,000 on average, and 1.8 times as much as more than in Rother. Elmbridge properties cost 2.9 times as much as homes in Southampton (£253,000 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 October

Rother: £401,052The South East:£404,990UK: £296,422

Annual growth to October

Rother: +19.6%The South East: +12%UK: +12.6%

Highest and lowest annual growth in the South East

Rother: +19.6%Guildford: +6.5%