Portsmouth house prices rise by much more than the national average in July
The rise contributes to the longer-term trend, which has seen property prices in the city local authority area grow by 5.5% over the last year.
The average Portsmouth house price in July was £265,147, Land Registry figures show – a 3.3% increase on June.
Over the month, the picture was different to that across the south east, where prices increased 0.5%, and Portsmouth was above the 0.5% rise for the UK as a whole.
Over the last year, the average sale price of property in Portsmouth rose by £14,000 – putting the area fifth 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 Portsmouth spent an average of £243,000 on their property – £12,000 more than a year ago, and £49,000 more than in July 2018.
By comparison, former owner-occupiers paid £293,000 on average in July – 20.4% more than first-time buyers.
Owners of detached houses saw the biggest rise in property prices in Portsmouth in July – they increased 3.5%, to £555,954 on average. Over the last year, prices rose by 7.6%.
Among other types of property:
Semi-detached: up 3.4% monthly; up 6.2% annually; £373,635 average
Terraced: up 3.5% monthly; up 5.4% annually; £287,192 average
Flats: up 2.9% monthly; up 5.1% annually; £183,628 average
How do property prices in Portsmouth compare?
Buyers paid 32.7% less than the average price in the south east (£394,000) in July for a property in Portsmouth. The UK average cost is £290,000.
The most expensive properties in the south east were in Elmbridge, Surrey – £678,000 on average, and 2.6 times the price as in Portsmouth.
Elmbridge properties cost 2.7 times the price as homes in Southampton (£248,000 average).
The highest property prices across the UK were in Kensington and Chelsea, with an average of £1,344,669. Over the last year, though, the average sale price of property there has fallen by £163,000 – putting the area bottom of the UK’s local authorities for annual growth!