Hastings house prices increased more than South East average in July

House prices increased by 0.8% – more than the average for the South East – in Hastings in July, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 2.5% annual decline.

The average Hastings house price in July was £273,173, Land Registry figures show – a 0.8% increase on June.

Over the month, the picture was similar to that across the South East, where prices increased 0.5%, and Hastings was above the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Hastings fell by £6,900 – putting the area 59th 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 7%, to £403,000. At the other end of the scale, properties in Eastbourne lost 3.6% of their value, giving an average price of £293,000.

First steps on the property ladder

First-time buyers in Hastings spent an average of £242,900 on their property – £7,100 less than a year ago, but £52,300 more than in July 2018.

By comparison, former owner-occupiers paid £303,200 on average in July – 24.8% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Hastings in July – they increased 1.2%, to £279,604 on average. Over the last year, prices dropped by 2.7%.

Among other types of property:

• Detached: up 0.9% monthly; down 1.5% annually; £529,478 average
• Semi-detached: up 0.9% monthly; down 2.1% annually; £364,193 average
• Flats: up 0.5% monthly; down 3.1% annually; £165,422 average

How do property prices in Hastings compare?

Buyers paid 30.7% less than the average price in the South East (£394,000) in July for a property in Hastings. Across the South East, property prices are high compared to those across the UK, where the average cost is £290,000.

The most expensive properties in the South East were in Elmbridge – £678,000 on average, and 2.5 times the price as in Hastings. Elmbridge properties cost 2.7 times the price as homes in Southampton (£248,000 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 July

• Hastings: £273,173
• The South East:£394,096
• UK: £289,824

Annual change to July

• Hastings: -2.5%
• The South East: +0.4%
• UK: +0.6%

Highest and lowest annual growth in the South East

• West Oxfordshire: +7%
• Eastbourne: -3.6%