The housing market is always a hot topic, with fluctuations that can leave buyers and sellers feeling anxious. Over the past year, the South East region of the UK has seen some significant changes, with house prices rising and falling. According to analysis by Pinerock Finance on data just released by the Land Register, the average residential house in the South East during the month of January was £380,000. This was a decrease of 1.30% compared to the previous month's average of £385,000. When compared to the recent high of £395,000 in September, the current price represents a change of -3.9%. However, compared to 12 months ago, when the average price was £350,000, there has been an increase of 7.9%.
Breaking it down by property type, the changes in average values between December and January were as follows: detached houses increased from £625,000 to £635,000, semi-detached homes rose from £410,000 to £413,750, terraced houses decreased from £335,000 to £317,000, and flats increased from £225,000 to £240,000.
Zooming out to look at national figures, in England and Wales, the average residential house during the month of January was £275,275. This was a decrease of 1.69% compared to the previous month's average of £280,000. When compared to the recent high of £290,000 in September, the current price represents a change of -5.3%.
Taking a closer look at individual areas in the South East, we see some interesting trends. In Swindon, for example, the average residential house during the month of January was £280,000. This was an increase of 8.43% compared to the previous month's average of £258,225. When compared to the recent high of £289,000 in September, the current price represents a change of -3.2%. However, compared to 12 months ago, when the average price was £250,000, there has been an increase of 10.7%.
In Worthing, the average residential house during the month of January was £409,000. This was an increase of 0.99% compared to the previous month's average of £405,000. When compared to 12 months ago, when the average price was £328,000, there has been a significant increase of 19.8%.
In Ashford, the average residential house during the month of January was £403,000. This was an increase of 15.97% compared to the previous month's average of £347,500. When compared to 12 months ago, when the average price was £335,356, there has been an increase of 16.8%.
In Brighton, the average residential house during the month of January was £378,125. This was a decrease of 11.03% compared to the previous month's average of £425,000. When compared to the recent high of £454,125 in July, the current price represents a change of -20.1%. However, compared to 12 months ago, when the average price was £387,750, there has been a decrease of -2.5%.
In Maidstone, the average residential house price in January was £360,000, which is a decrease of -1.37% compared to December's average of £365,000. The price today represents a change of -4.2% compared to a recent high of £375,000 in November. The average price 12 months ago was £322,750, which is a difference of 10.3%. This indicates that while there has been some fluctuation in house prices in Maidstone over the past year, there has been an overall increase.
Overall, the UK property market is currently experiencing falling prices, with the rise in interest rates and the cost of living crisis affecting buyers' confidence. Many potential buyers are reluctant to enter into property negotiations, fearing that prices will fall even further. However, with the belief that interest rates are near the end of their climb, the outlook for the next few months seems to be slightly more optimistic.