House prices leapt by 5.5 per cent in Winchester in October, new figures show.
The significant rise contributes to the longer-term trend, which has seen property prices in the area grow by six per cent over the last year.
The average Winchester house price in October was £536,405, Land Registry figures show – a 5.5per cent increase on September.
Over the month, the picture was different to that across the South East, where prices decreased 0.9 per cent, and Winchester was above the 0.7 per cent drop for the UK as a whole.
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Over the last year, the average sale price of property in Winchester rose by £31,000 – putting the area fourth among the South East’s 64 local authorities with price data for annual growth.
The highest annual growth in the region was in Tandridge, where property prices increased on average by 10.3%, to £575,000. At the other end of the scale, properties in Hastings lost 9.2% of their value, giving an average price of £269,000.
First steps on the property ladder
First-time buyers in Winchester spent an average of £398,000 on their property – £22,000 more than a year ago, and £77,000 more than in October 2018.
By comparison, former owner-occupiers paid £619,000 on average in October – 55.4% more than first-time buyers.
Property types
Owners of semi-detached houses saw the biggest rise in property prices in Winchester in October – they increased 6%, to £542,054 on average. Over the last year, prices rose by 7.4%.
Among other types of property:
Detached: up 5.7% monthly; up 7% annually; £892,834 average
Terraced: up 5.1% monthly; up 4.9% annually; £446,695 average
Flats: up 5.1% monthly; up 4.3% annually; £263,543 average
How do property prices in Winchester compare?
Buyers paid 37.8% more than the average price in the South East (£389,000) in October for a property in Winchester. 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 – £721,000 on average, and 1.3 times the price as in Winchester. Elmbridge properties cost three times the price as homes in Southampton (£243,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, at £1.4 million.
Factfile
Average property price in October
Winchester: £536,405
The South East: £389,223
UK: £287,782
Annual change to October
Winchester: +6%
The South East: -2%
UK: -1.2%
Highest and lowest annual growth in the South East
Tandridge: +10.3%
Hastings: -9.2%
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