HOUSE prices dropped by 4 per cent – more than the average for the south east – in Winchester in April, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 8.7 per cent over the last year.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

READ MORE: Property for sale: Family home in Andover Road North, Winchester on the market for £1,195,000

The need for larger deposits and constraints on accessing mortgages have pushed homeownership further out of reach for many first-time buyers – despite government figures showing 50 per cent of renters would be able to afford the monthly payments.

In a recent major speech in Blackpool, prime minister Boris Johnson announced a “comprehensive review” of the mortgage market would take place in a bid to help more people onto the property ladder.

The average Winchester house price in April was £474,310, Land Registry figures show – a 4 per cent decrease on March.

Over the month, the picture was different to that across the South East, where prices decreased 0.3 per cent, and Winchester was lower than the 1.1 per cent rise for the UK as a whole.

SEE ALSO: Plan rejected for new house near to Winchester's historic Hyde Abbey Gate

Over the last year, the average sale price of property in Winchester rose by £38,000 – putting the area 52nd among the South East’s 64 local authorities with price data for annual growth.

The highest annual growth in the region was in Milton Keynes, where property prices increased on average by 18.4%, to £323,000. At the other end of the scale, properties in Slough gained just 3.8 per cent in value, giving an average price of £304,000.

First steps on the property ladder

First-time buyers in Winchester spent an average of £354,000 on their property – £25,000 more than a year ago, and £42,000 more than in April 2017.

By comparison, former owner-occupiers paid £546,000 on average in April – 54.2% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices Winchester in April – they dropped 4.4% in price, to £239,065 on average. But over the last year, prices rose by 3.3%.

Among other types of property:

Detached: down 4 per cent monthly; up 10.9 per cent annually; £786,007 average

Semi-detached: down 4.1 per cent monthly; up 9.8 per cent annually; £473,125 average

Terraced: down 4 per cent monthly; up 7.4 per cent annually; £394,845 average

How do property prices in Winchester compare?

Buyers paid 23.9 per cent more than the average price in the South East (£383,000) in April for a property in Winchester. Across the South East, property prices are high compared to those across the UK, where the average cost £281,000.

The most expensive properties in the South East were in Elmbridge – £667,000 on average, and 1.4 times as much as more than in Winchester. Elmbridge properties cost 2.8 times as much as homes in Southampton (£240,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.


Average property price in April

Winchester: £474,310

The South East: £382,791

UK: £281,161

Annual growth to April

Winchester: +8.7 per cent

The South East: +11.9 per cent

UK: +12.4 per cent

Highest and lowest annual growth in the South East

Milton Keynes: +18.4 per cent

Slough: +3.8 per cent