Portsmouth house prices drop by more than South East average, latest figures reveal
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The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 0.5 per cent annual decline.
The average Portsmouth house price in August was £253,407, Land Registry figures show – a 2.8 per cent decrease on July.
Over the month, the picture was different to that across the South East, where prices decreased 0.1 per cent and Portsmouth was lower than the 0.3 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Portsmouth fell by £1,200 – putting the area 44th among the South East’s 64 local authorities with price data for annual growth.
The highest annual growth in the region was in Oxford, where property prices increased on average by 6.8 per cent, to £508,000. At the other end of the scale, properties in Hastings lost 10.4 per cent of their value, giving an average price of £261,000.
First-time buyers in Portsmouth spent an average of £232,600 on their property – £1,600 less than a year ago, but £35,200 more than in August 2018.
By comparison, former owner-occupiers paid £280,100 on average in August – 20.4 per cent more than first-time buyers.
Owners of flats saw the biggest fall in property prices in Portsmouth in August – they dropped 3.3% in price, to £175,085 on average. Over the last year, prices dropped by 0.7%.
Among other types of property:
Detached properties are down 2.5 per cent monthly; up 1.7 per cent annually; £531,618 average.
Semi-detached properties are down 2.5 per cent monthly; up 0.4 per cent annually; £357,896 average.
Terraced properties are down 2.7 per cent monthly; down 0.7 per cent annually; £274,706 average.
Buyers paid 35.6 per cent less than the average price in the South East (£393,000) in August for a property in Portsmouth. Across the South East, property prices are high compared to those across the UK, where the average cost is £291,000.
The most expensive properties in the South East were in Elmbridge – £706,000 on average, and 2.8 times the price as in Portsmouth.