East Hampshire house prices increased more than South East average in June

House prices increased by 2% – more than the average for the South East – in East Hampshire in June, new figures show.
Wednesday 17th August 2022 10:39 am
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Credit by Andrew Matthews (PA Wire )

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House prices increased by 2% – more than the average for the South East – in East Hampshire in June, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 11.1% over the last year.

The average East Hampshire house price in June was £452,131, Land Registry figures show – a 2% increase on May.

Over the month, the picture was different to that across the South East, where prices increased 0.8%, and East Hampshire was above the 1% rise for the UK as a whole.

Over the last year, the average sale price of property in East Hampshire rose by £45,000 – putting the area 34th among the South East’s 64 local authorities with price data for annual growth.

The highest annual growth in the region was in Thanet, where property prices increased on average by 21.1%, to £323,000. At the other end of the scale, properties in Oxford gained 5.1% in value, giving an average price of £474,000.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

But activity is starting to slow, with soaring inflation putting household budgets under pressure.

First steps on the property ladder

First-time buyers in East Hampshire spent an average of £327,000 on their property – £31,000 more than a year ago, and £60,000 more than in June 2017.

By comparison, former owner-occupiers paid £524,000 on average in June – 60.3% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in East Hampshire in June – they increased 2.7%, to £350,448 on average. Over the last year, prices rose by 10.3%.

Among other types of property:

  • Detached: up 1.6% monthly; up 12.4% annually; £709,673 average
  • Semi-detached: up 2.2% monthly; up 12.8% annually; £442,468 average
  • Flats: up 2.4% monthly; up 5.5% annually; £212,552 average

How do property prices in East Hampshire compare?

Buyers paid 15.8% more than the average price in the South East (£391,000) in June for a property in East Hampshire. Across the South East, property prices are higher than those across the UK, where the average cost £286,000.

The most expensive properties in the South East were in Elmbridge – £697,000 on average, and 1.5 times as much as more than in East Hampshire. Elmbridge properties cost 2.9 times as much as homes in Southampton (£239,000 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 June

  • East Hampshire: £452,131
  • The South East:£390,513
  • UK: £286,397

Annual growth to June

  • East Hampshire: +11.1%
  • The South East: +8.9%
  • UK: +7.8%

Highest and lowest annual growth in the South East

  • Thanet: +21.1%
  • Oxford: +5.1%