Wealden house prices increased more than South East average in December
House prices increased by 0.7% – more than the average for the South East – in Wealden in December, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 11.6% over the last year.
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Hide AdThe average Wealden house price in December was £438,612, Land Registry figures show – a 0.7% increase on November.
Over the month, the picture was similar to that across the South East, where prices increased 0.4%, and Wealden was above the 0.4% drop for the UK as a whole.
Over the last year, the average sale price of property in Wealden rose by £46,000 – putting the area 22nd among the South East’s 64 local authorities with price data for annual growth.
The highest annual growth in the region was in Maidstone, where property prices increased on average by 18.6%, to £372,000. At the other end of the scale, properties in Tandridge gained 3.3% in value, giving an average price of £530,000.
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Hide AdThe average UK house price was £294,000 in December 2022, which was £26,000 higher than 12 months earlier.
It meant prices increased by 9.8% annually in December, slowing from 10.6% annual growth in November, according to the Office for National Statistics.
First steps on the property ladder
First-time buyers in Wealden spent an average of £351,000 on their property – £39,000 more than a year ago, and £81,000 more than in December 2017.
By comparison, former owner-occupiers paid £487,000 on average in December – 38.6% more than first-time buyers.
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Owners of flats saw the biggest rise in property prices in Wealden in December – they increased 0.9%, to £211,076 on average. Over the last year, prices rose by 8.3%.
Among other types of property:
Detached: up 0.5% monthly; up 10.9% annually; £659,481 averageSemi-detached: up 0.8% monthly; up 13% annually; £402,086 averageTerraced: up 0.6% monthly; up 12.7% annually; £337,620 average
How do property prices in Wealden compare?
Buyers paid 8.5% more than the average price in the South East (£404,000) in December for a property in Wealden. Across the South East, property prices are higher than those across the UK, where the average cost £294,000.
The most expensive properties in the South East were in Elmbridge – £721,000 on average, and 1.6 times as much as more than in Wealden. Elmbridge properties cost 2.8 times as much as homes in Gosport (£259,000 average), at the other end of the scale.
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Factfile
Average property price in December
Wealden: £438,612The South East:£404,229UK: £294,329
Annual growth to December
Wealden: +11.6%The South East: +10.1%UK: +9.8%
Highest and lowest annual growth in the South East
Maidstone: +18.6%Tandridge: +3.3%