HOUSE prices increased by a whopping four per cent in Maldon in July, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 10.6 per cent annual growth.

The average Maldon house price in July was £369,393, Land Registry figures show – a four per cent increase on June.

Over the month, the picture was better than that across the East of England, where prices decreased 3.8 per cent, and Maldon outperformed the 3.7 per cent drop for the UK as a whole.

Over the last year, the average sale price of property in Maldon rose by £35,000 – putting the area 10th among the East of England’s 50 local authorities for annual growth.

Winners and Losers

Owners of flats saw the biggest improvement in property prices in Maldon in July – they increased 4.6%, to £166,089 on average. Over the last year, prices rose by 5.3 per cent.

Among other types of property:

  • Detached: up 3.6 per cent monthly and up 11.5 per cent annually to £537,318 average.
  • Semi-detached: up 4.3 per cent monthly and up 10.6 per cent annually to £334,156 on average.
  • Terraced: up 4.2 per cent monthly and up 10.5 per cent annually to £253,728 on average.

First steps on the property ladder

First-time buyers in Maldon spent an average of £281,000 on their property – £26,000 more than a year ago, and £56,000 more than in July 2016.

How do property prices in Maldon compare?

Buyers paid 18.4 per cent more than the average price in the East of England (£312,000) in July for a property in Maldon. Across the East of England, property prices are high compared to those across the UK, where the average cost £256,000.

The most expensive properties in the East of England were in St Albans – £550,000 on average almost three times as much as homes in Great Yarmouth (£192,000 average) at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average July sale price of £1.3 million could buy 13 properties in lowest-priced Burnley (average £101,000).

Factfile

Average property price in July

  • Maldon: £369,393
  • The East of England: £312,076
  • UK: £255,535

Annual growth to July

  • Maldon: +10.6%
  • The East of England: +6.8%
  • UK: +8%

Best and worst annual growth in the East of England

  • North Norfolk: +15.5%
  • Norwich: +1.3%