Woking house prices dropped in June

House prices dropped by 3.7% in Woking in June, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 1.3% annual decline.

The average Woking house price in June was £474,198, Land Registry figures show – a 3.7% decrease on May.

Over the month, the picture was different to that across the South East, where prices increased 0.6%, and Woking was lower than the 0.7% rise for the UK as a whole.

Over the last year, the average sale price of property in Woking fell by £6,000 – putting the area 60th among the South East’s 64 local authorities with price data for annual growth.

The highest annual growth in the region was in West Oxfordshire, where property prices increased on average by 13.1%, to £421,000. At the other end of the scale, properties in Elmbridge lost 5.4% of their value, giving an average price of £659,000.

First steps on the property ladder

First-time buyers in Woking spent an average of £346,200 on their property – £3,800 less than a year ago, but £36,000 more than in June 2018.

By comparison, former owner-occupiers paid £585,300 on average in June – 69.1% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in Woking in June – they dropped 4.2% in price, to £1,002,971 on average. Over the last year, prices dropped by 1.6%.

Among other types of property:

How do property prices in Woking compare?

Buyers paid 21.2% more than the average price in the South East (£391,000) in June for a property in Woking. Across the South East, property prices are high compared to those across the UK, where the average cost is £288,000.

The most expensive properties in the South East were in Elmbridge – £659,000 on average, and 1.4 times the price as in Woking. Elmbridge properties cost 2.7 times the price as homes in Southampton (£246,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, with an average price of £1.3 million.

Factfile

Average property price in June

Annual change to June

Highest and lowest annual growth in the South East