HOUSE prices increased more than average for the East of England in Maldon in August, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 2.6 per cent annual growth.
The average Maldon house price in August was £343,966, Land Registry figures show – a 2.9 per cent increase on July.
Over the month, the picture was better than that across the East of England, where prices increased 0.8 per cent, and Maldon outperformed the 0.7 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Maldon rose by £8,600 – putting the area 18th among the East of England’s 47 local authorities for annual growth.
The best annual growth in the region was in South Norfolk, where properties increased on average by 5.9 per cent, to £269,000.
At the other end of the scale, properties in Babergh dropped 4.1 per cent in value, giving an average price of £279,000.
Winners and Losers
Owners of detached houses saw the biggest improvement in property prices in Maldon in August – they increased 3%, to £497,368 on average. Over the last year, prices rose by 2.7%.
Among other types of property:
- Semi-detached: up 2.8 per cent monthly and 3.3 per cent annually to a £311,621 average.
- Flats: up 1.7 per cent monthly ad down 0.9 per cent annually to a £158,660 average.
First steps on the property ladder
First-time buyers in Maldon spent an average of £261,900 on their property – £5,300 more than a year ago, and £51,400 more than in August 2015.
By comparison, former owner-occupiers paid £390,800 on average in August – 49.3 per cent more than first-time buyers.
How do property prices in Maldon compare?
Buyers paid 16 per cent more than the average price in the East of England (£296,000) in August for a property in Maldon. Across the East of England, property prices are high compared to those across the UK, where the average cost £239,000.
The most expensive properties in the East of England were in St Albans – £522,000 on average, and 1.5 times as much as in Maldon. St Albans properties cost three times as much as homes in Great Yarmouth (£174,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average August sale price of £1.4 million could buy 15 properties in Burnley (average £91,000).
Factfile
Average property price in August
- Maldon: £343,966
- The East of England: £296,411
- UK: £239,196
Annual growth to August
- Maldon: +2.6%
- The East of England: +2.0%
- UK: +2.5%
Best and worst annual growth in the East of England
- South Norfolk: +5.9%
- Babergh: -4.1%
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here