Portsmouth property price increase in year to June higher than both the regional and national average

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 4% over the last year.

That’s higher than both the South East average and the national average.

The average Portsmouth house price in June was £255,504, Land Registry figures show – a 0.6% increase on May.

Over the month, the picture was similar to that across the South East, where prices increased 0.6%, and Portsmouth was lower than the 0.7% rise for the UK as a whole.

Over the last year, the average sale price of property in Portsmouth rose by £9,800 – putting the area 12th 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 13.1%, to £421,000. At the other end of the scale, properties in Elmbridge, Surrey, lost 5.4% of their value, giving an average price of £659,000.

First steps on the property ladder

First-time buyers in Portsmouth spent an average of £234,600 – £8,500 more than a year ago, and £41,000 more than in June 2018.

In March 2018, first-time buyers in the city had spent an average of £196,491 - around £59,000 more than it would have cost them in March 2013.

By comparison, former owner-occupiers paid £282,100 on average in June this year – 20.2% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Portsmouth in June – they increased 0.7%, to £177,962 on average. Over the last year, prices rose by 3.9%.

Among other types of property:

Detached: up 0% monthly; up 5.2% annually; £533,453 average

Semi-detached: up 0.4% monthly; up 4.7% annually; £360,123 average

Terraced: up 0.7% monthly; up 3.7% annually; £275,992 average

How do property prices in Portsmouth compare?

Buyers paid 34.7% less than the average price in the South East (£391,000) in June for a property in Portsmouth. The UK average is £288,000.

The most expensive properties in the South East were in Elmbridge – £659,000 on average, and 2.6 times the price as in Portsmouth.

Elmbridge properties cost 2.7 times the price as homes in Southampton (£246,000 average).

The highest property prices across the UK were in Kensington and Chelsea, with an average price of £1.3 million.

Annual growth to June

Portsmouth: +4%; The South East: +1.3%; UK: +1.7%