HOUSE prices increased by 3.7 per cent – more than the average for the South East – in Winchester in January, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 11.8 per cent annual growth.

The average Winchester house price in January was £495,550, Land Registry figures show – a 3.7 per cent increase on December.

Over the month, the picture was better than that across the South East, where prices increased 0.5 per cent, and Winchester outperformed the 0.4 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Winchester rose by £52,000 – putting the area 31st among the South East’s 64 local authorities with price data for annual growth.

The best annual growth in the region was in East Hampshire, where property prices increased on average by 16.7%, to £456,000. At the other end of the scale, properties in Slough gained just 2.5 per cent in value, giving an average price of £307,000.

Winners and Losers

Owners of flats saw the biggest improvement in property prices in Winchester in January – they increased 4.2 per cent, to £251,155 on average. Over the last year, prices rose by 5.6 per cent.

Among other types of property:

Detached: up 3.3 per cent monthly; up 14.2 per cent annually; £820,177 average

Semi-detached: up 3.9 per cent monthly; up 13.1 per cent annually; £492,383 average

Terraced: up 4 per cent monthly; up 10.6 per cent annually; £413,603 average

First steps on the property ladder

First-time buyers in Winchester spent an average of £369,000 on their property – £35,000 more than a year ago, and £59,000 more than in January 2017.

By comparison, former owner-occupiers paid £571,000 on average in January – 54.8 per cent more than first-time buyers.

How do property prices in Winchester compare?

Buyers paid 31 per cent more than the average price in the South East (£378,000) in January for a property in Winchester. Across the South East, property prices are high compared to those across the UK, where the average cost £274,000.

The most expensive properties in the South East were in Elmbridge – £695,000 on average, and 1.4 times as much as more than in Winchester. Elmbridge properties cost three times as much as homes in Portsmouth (£235,000 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 January

Winchester: £495,550

The South East: £378,311

UK: £273,762

Annual growth to January

Winchester: +11.8 per cent

The South East: +11.1 per cent

UK: +9.6%

Best and worst annual growth in the South East

East Hampshire: +16.7 per cent

Slough: +2.5 per cent.

 

Message from the editor

Thank you for reading this story. We really appreciate your support.

Please help us to continue bringing you all the trusted news by sharing this story or by following our Facebook page.

Kimberley Barber