THE AVERAGE asking price of property in Worthing has increased by 14 per cent in the last year as demand continues to exceed supply.
In line with Britain’s economic resurgence, a buoyant market, wider availability of mortgages and the Government’s Help to Buy Scheme are all thought to be driving up prices.
Figures released by www.home.co.uk show that asking prices for detached properties in Worthing have increased by 11 per cent since November last year, from £381.941 to £425,490.
Terraced houses have seen an increase of 12 per cent, from £216,566 last November to £243,625 this month.
Ferring boasts a similar trend with terraced houses showing the biggest increase in asking price in the last year with a 23 per cent rise.
The average asking price for a terraced property in the village is now £217,463 compared to £176,461 in November last year.
The value of property in Lancing has seen a steadier increase, of four per cent, meaning that the average property is on the market for £225,358 now compared to £216,711 last year.
As in Worthing, both detached houses and terraced prices have seen increases.
The average detached house in Lancing is now being marketed at £319,663 with the average terraced house being priced at £209,969.
Ashley Jacobs of Jacobs Steel, said that houses continued to have the widest appeal.
“The demand in the market for houses has been very strong, in particular those under the £250,000 mark which is the stamp duty threshold,” he said.
“It is good for the people who own the property and are already on the housing market but it is not so good for first time buyers.
“Mortgages have got more readily available due to the Government initiative which gives people a 95 per cent mortgage.
“The population has increased but there have not been lots of new houses built in recent years.
“There are very few properties available because it is a supply and demand situation.
“With more buyers and an increased demand the properties that were up for sale have been snapped up.
“And when there is more demand than there is supply the prices go up.”
Shoreham and Southwick have seen huge increases in house asking prices over the last year.
The 41 per cent leap from £464,330 to £656,541 for detached houses in Shoreham means that the overall house price has risen by 35 per cent.
Meanwhile, the average detached property in Southwick is now £661,023, 54 per cent higher than it was last November.
Mr Jacobs said: “In Shoreham and Southwick you are on the coat tails of the Brighton market which is very strong and the Brighton market is on the coat tails of the London market.
“That is what is happening- people from Brighton are achieving good prices and moving further out to get more value for money.
“We have been through a long period of stagnant house prices which peaked in about 2007.
“Now we are seeing prices going ahead of those figures.
“I think prices can only continue to rise up until a certain point. We are governed by the supply.”