Reigate and Banstead house prices increased slightly in December

House prices increased slightly, by 0.3%, in Reigate and Banstead in December, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 5% annual decline.

The average Reigate and Banstead house price in December was £465,659, Land Registry figures show – a 0.3% increase on November.

Over the month, the picture was different to that across the South East, where prices decreased 1.9%, and Reigate and Banstead was above the 0.1% rise for the UK as a whole.

Over the last year, the average sale price of property in Reigate and Banstead fell by £25,000 – putting the area 46th among the South East’s 64 local authorities with price data for annual growth.

The highest annual growth in the region was in Winchester, where property prices increased on average by 7.9%, to £538,000. At the other end of the scale, properties in Gosport lost 11.5% of their value, giving an average price of £230,000.

First steps on the property ladder

First-time buyers in Reigate and Banstead spent an average of £355,000 on their property – £19,000 less than a year ago, but £37,000 more than in December 2018.

By comparison, former owner-occupiers paid £557,000 on average in December – 56.8% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Reigate and Banstead in December – they increased 0.9%, to £522,471 on average. Over the last year, prices dropped by 3.2%.

Among other types of property:

• Detached: down 0.9% monthly; down 6% annually; £885,326 average
• Terraced: up 0.5% monthly; down 5.2% annually; £413,660 average
• Flats: up 0.6% monthly; down 5.7% annually; £264,651 average

How do property prices in Reigate and Banstead compare?

Buyers paid 23.5% more than the average price in the South East (£377,000) in December for a property in Reigate and Banstead. Across the South East, property prices are high compared to those across the UK, where the average cost is £285,000.

The most expensive properties in the South East were in Elmbridge – £730,000 on average, and 1.6 times the price as in Reigate and Banstead. Elmbridge properties cost 3.2 times the price as homes in Gosport (£230,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in December

• Reigate and Banstead: £465,659
• The South East:£377,162
• UK: £284,691

Annual change to December

• Reigate and Banstead: -5%
• The South East: -4.6%
• UK: -1.4%

Highest and lowest annual growth in the South East

• Winchester: +7.9%
• Gosport: -11.5%