Mid Sussex house prices dropped more than South East average in November

House prices dropped by 1.4% – more than the average for the South East – in Mid Sussex in November, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 1.4% over the last year.

The average Mid Sussex house price in November was £464,773, Land Registry figures show – a 1.4% decrease on October.

Over the month, the picture was different to that across the South East, where prices decreased 0.4%, and Mid Sussex was lower than the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in Mid Sussex rose by £6,600 – putting the area eighth among the South East’s 64 local authorities with price data for annual growth.

The highest annual growth in the region was in Oxford, where property prices increased on average by 5.7%, to £507,000. At the other end of the scale, properties in Surrey Heath lost 8.6% of their value, giving an average price of £430,000.

First steps on the property ladder

First-time buyers in Mid Sussex spent an average of £346,300 on their property – £4,700 more than a year ago, and £64,300 more than in November 2018.

By comparison, former owner-occupiers paid £544,300 on average in November – 57.1% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in Mid Sussex in November – they dropped 1.7% in price, to £385,973 on average. But over the last year, prices rose by 0.5%.

Among other types of property:

• Detached: down 1.5% monthly; up 2% annually; £789,072 average
• Semi-detached: down 1.6% monthly; up 1.9% annually; £499,025 average
• Flats: down 0.7% monthly; up 0.9% annually; £237,638 average

How do property prices in Mid Sussex compare?

Buyers paid 20.5% more than the average price in the South East (£386,000) in November for a property in Mid Sussex. Across the South East, property prices are high compared to those across the UK, where the average cost is £285,000.

The most expensive properties in the South East were in Elmbridge – £695,000 on average, and 1.5 times the price as in Mid Sussex. Elmbridge properties cost 2.9 times the price 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 November

• Mid Sussex: £464,773
• The South East:£385,844
• UK: £284,950

Annual change to November

• Mid Sussex: +1.4%
• The South East: -2.3%
• UK: -2.1%

Highest and lowest annual growth in the South East

• Oxford: +5.7%
• Surrey Heath: -8.6%