Property prices are increasing

Beaconsfield Road, Hastings
Beaconsfield Road, Hastings

HOUSE prices across East Sussex are rising as confidence in the UK housing market continues to improve.

Data released earlier this week show the average house price across the country rose by 0.6 per cent in February – providing a timely boost for local estate agents and sellers.

And here in East Sussex the boost is even greater – with prices in the South East region leaping 0.9 per cent – a rate second only to London.

Year on year the increase looks even healthier.

The average house price last month was a massive 9.4 per cent higher than February last year, according to Nationwide.

Robert Gardner, Nationwide’s chief economist, revealed house prices recorded their 14th successive monthly increase in February as demand continued to be supported by record low interest rates, improved credit availability and rising consumer confidence thanks to the healthy gains in employment recorded in recent quarters.

He said: “Price growth is being supported by the fact that the supply of housing remains constrained, with housing completions still well below their pre-crisis levels, which was already insufficient to keep up with the pace of household formation.

“For example, in England around 109,500 new homes were built in 2013, this is 38 per cent below the level recorded in 2007 and around half the projected number of households that are expected to form each year in the years ahead.”

According to the property website, the average asking price for a home in East Sussex has risen 14 per cent since February 2013 – up to £359,109 from £315,286.

Terrace houses in the county have, on average, gone up from £291,038 to £309,883 – a rise of six per cent, while the cost of asking price of flats rose eight per cent from £185,893 to £200,829.

The average asking price for an East Sussex semi-detached home jumped 10 per cent, from £286,067 to £313,920 and the biggest leap in terms of number of bedrooms was for three bed properties, which increased 12 per cent from an average of £283,686 to £317,272.

Detached properties showed the best overall performance.

They increased 15 per cent from £487,363 in February last year to £562,509 last month – no doubt partly due to a drop in supply, with records showing 22 per cent less detached homes being put on the market over the same time period.

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