Hastings house prices dropped slightly in June
House prices dropped slightly, by 0.2%, 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 5.8% over the last year.
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Hide AdThe average Hastings house price in June was £264,916, Land Registry figures show – a 0.2% decrease on May.
Over the month, the picture was different to that across the South East, where prices increased 0.8%, and Hastings was lower than the 1% rise for the UK as a whole.
Over the last year, the average sale price of property in Hastings rose by £15,000 – putting the area 62nd among the South East’s 64 local authorities with price data for annual growth.
The highest annual growth in the region was in Thanet, where property prices increased on average by 21.1%, to £323,000. At the other end of the scale, properties in Oxford gained 5.1% in value, giving an average price of £474,000.
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Hide AdAn imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.
But activity is starting to slow, with soaring inflation putting household budgets under pressure.
First steps on the property ladder
First-time buyers in Hastings spent an average of £237,000 on their property – £12,000 more than a year ago, and £59,000 more than in June 2017.
By comparison, former owner-occupiers paid £293,000 on average in June – 23.8% more than first-time buyers.
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Owners of detached houses saw the biggest fall in property prices Hastings in June – they dropped 0.7% in price, to £508,877 on average. But over the last year, prices rose by 7.5%.
Among other types of property:
Semi-detached: down 0.1% monthly; up 8% annually; £351,961 averageTerraced: up 0.2% monthly; up 7% annually; £271,978 averageFlats: down 0.2% monthly; up 2.4% annually; £161,347 average
How do property prices in Hastings compare?
Buyers paid 32.2% 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 low compared to those across the UK, where the average cost £286,000.
The most expensive properties in the South East were in Elmbridge – £697,000 on average, and 2.6 times as much as more than in Hastings. Elmbridge properties cost 2.9 times as much as homes in Southampton (£239,000 average), at the other end of the scale.
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Factfile
Average property price in June
Hastings: £264,916The South East:£390,513UK: £286,397
Annual growth to June
Hastings: +5.8%The South East: +8.9%UK: +7.8%
Highest and lowest annual growth in the South East
Thanet: +21.1%Oxford: +5.1%