How do the Mid Sussex house prices compare to the rest of Sussex and the UK?
6th October 2021
As revealed in previous articles, the housing market is buoyant, and prices are increasing – but to what extent? Our data suggests, house prices increased ‘by 13%’ in West Sussex from September 2020 to August 2021. Additionally, average house prices were valued at £423,000 as evidenced by Land Registry.
How does this compare to other areas?
In East Sussex however, house prices increased slightly more at 15% and the average house price is now £414,841.
Throughout the last year, average house prices (in Mid Sussex) rose by approximately £31,000, ranking 44th for annual growth in the South East. Yet, the best performance in the region was Hastings, where house prices grew to an incredible 23.6%. On the contrary, Swale only increased by a marginal 1% in value. Figures also reveal that buyers paid ’12.7% more’ than the average house price in the South East (in July.)
This next statistic is astonishing. First-time buyers spent £21,000 more than a year ago. Former occupiers paid 53.6% more than first-time buyers.
What about flats?
Flats witnessed a vast improvement in property prices (in Mid Sussex, July). A 1.2% increase meant that flat prices grew to £216, 745 on average. Across the year, prices amplified by a huge 6%.
Why is this happening?
There are a few clear reasons for this substantial growth. The first, and probably the most talked about subject, is the stamp duty holidays. To stimulate growth after the national lockdowns, the government announced stamp duty exemptions for all properties that completed before the end of September. This saving allowed buyers to put more money towards their initial deposit and in turn, allowed them to pay more for the property they wanted.
This created the second reason – we saw such high growth; supply and demand. Our buyer registrations in 2021 were 33% higher than the same period in 2019. With instructions only up 15% over the same period, this ultimately created a very similar supply and demand issue which we are currently seeing in our petrol stations, and unsurprisingly, this has driven prices to increase.
The final element to this mixed soup of house price growth is interest rates. With the Bank of England interest rate at 0.1% (the lowest since records began), this allowed buyers to borrow money at exceptional value, and thus, meant buyers were able to purchase at a higher level.
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