Hastings house prices dropped in June

General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.

House prices dropped by 2.9% in Hastings in June, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 0.6% over the last year.

The average Hastings house price in June was £271,727, Land Registry figures show – a 2.9% decrease on May.

Over the month, the picture was different to that across the South East, where prices increased 0.6%, and Hastings was lower than the 0.7% rise for the UK as a whole.

Over the last year, the average sale price of property in Hastings rose by £1,700 – putting the area 48th among the South East’s 64 local authorities with price data for annual growth.

The highest annual growth in the region was in West Oxfordshire, where property prices increased on average by 13.1%, to £421,000. At the other end of the scale, properties in Elmbridge lost 5.4% of their value, giving an average price of £659,000.

First steps on the property ladder

First-time buyers in Hastings spent an average of £241,650 on their property – £680 more than a year ago, and £51,760 more than in June 2018.

By comparison, former owner-occupiers paid £301,450 on average in June – 24.7% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in Hastings in June – they dropped 3.1% in price, to £526,269 on average. But over the last year, prices rose by 1.2%.

Among other types of property:

Semi-detached:

Terraced:

Flats:

How do property prices in Hastings compare?

Buyers paid 30.6% less than the average price in the South East (£391,000) in June for a property in Hastings. Across the South East, property prices are high compared to those across the UK, where the average cost is £288,000.

The most expensive properties in the South East were in Elmbridge – £659,000 on average, and 2.4 times the price as in Hastings. Elmbridge properties cost 2.7 times the price as homes in Southampton (£246,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, with an average price of £1.3 million.

Factfile

Average property price in June

Hastings: £271,727
The South East:£391,406
UK: £287,546

Annual growth to June

Hastings: +0.6%
The South East: +1.3%
UK: +1.7%

Highest and lowest annual growth in the South East

West Oxfordshire: +13.1%
Elmbridge: -5.4%