Horsham house prices increased in May

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 9.6% annual growth.

The average Horsham house price in May was £399,133, Land Registry figures show – a 1.3% increase on April.

Over the month, the picture was similar to that across the South East, where prices increased 1.4%, but Horsham outperformed the 0.9% rise for the UK as a whole.

Over the last year, the average sale price of property in Horsham rose by £35,000 – putting the area 24th among the South East’s 70 local authorities for annual growth.

The best annual growth in the region was in Oxford, where property prices increased on average by 16.1%, to £456,000. At the other end of the scale, properties in Chichester lost 2.7% of their value, giving an average price of £396,000.

Winners and Losers

Owners of semi-detached houses saw the biggest improvement in property prices in Horsham in May – they increased 1.4%, to £405,573 on average. Over the last year, prices rose by 10.3%.

Among other types of property:

Detached: up 1.3% monthly; up 10.5% annually; £654,156 average

Flats: up 0.7% monthly; up 5.4% annually; £200,161 average

First steps on the property ladder

First-time buyers in Horsham spent an average of £293,000 on their property – £24,000 more than a year ago, and £31,000 more than in May 2016.

By comparison, former owner-occupiers paid £474,000 on average in May – 61.8% more than first-time buyers.

How do property prices in Horsham compare?

Buyers paid 14% more than the average price in the South East (£350,000) in May for a property in Horsham. Across the South East, property prices are high compared to those across the UK, where the average cost £255,000.

The most expensive properties in the South East were in Elmbridge – £646,000 on average, and 1.6 times as much as in Horsham. Elmbridge properties cost 2.9 times as much as homes in Southampton (£221,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average May sale price of £1.2 million could buy 12 properties in Burnley (average £100,000).

Factfile

Average property price in May

Horsham: £399,133

The South East: £350,016

UK: £254,624

Annual growth to May

Horsham: +9.6%

The South East: +9.1%

UK: +10%

Best and worst annual growth in the South East

Oxford: +16.1%

Chichester: -2.7%