House prices dropped by 1% in East Hampshire in October, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 9.3% over the last year.
The average East Hampshire house price in October was £465,637, Land Registry figures show – a 1% decrease on September.
Over the month, the picture was different to that across the South East, where prices increased 0.1%, and East Hampshire was lower than the 0.3% rise for the UK as a whole.
Over the last year, the average sale price of property in East Hampshire rose by £40,000 – putting the area 53rd among the South East’s 64 local authorities with price data for annual growth.
The highest annual growth in the region was in Rother, where property prices increased on average by 19.6%, to £401,000. 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 East Hampshire spent an average of £336,000 on their property – £28,000 more than a year ago, and £65,000 more than in October 2017.
By comparison, former owner-occupiers paid £541,000 on average in October – 61.2% more than first-time buyers.
Owners of flats saw the biggest fall in property prices East Hampshire in October – they dropped 1.4% in price, to £215,500 on average. But over the last year, prices rose by 4.9%.
Among other types of property:
- Detached: down 0.9% monthly; up 9.4% annually; £733,627 average
- Semi-detached: down 1.1% monthly; up 10.9% annually; £456,849 average
- Terraced: down 1% monthly; up 9.7% annually; £360,299 average
How do property prices in East Hampshire compare?
Buyers paid 15% more than the average price in the South East (£405,000) in October for a property in East Hampshire. Across the South East, property prices are higher than 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 1.6 times as much as more than in East Hampshire. 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.
Average property price in October
- East Hampshire: £465,637
- The South East:£404,990
- UK: £296,422
Annual growth to October
- East Hampshire: +9.3%
- The South East: +12%
- UK: +12.6%
Highest and lowest annual growth in the South East
- Rother: +19.6%
- Guildford: +6.5%