House prices increased by 3.4% in Woking in November, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 1.6% over the last year.
The average Woking house price in November was £502,857, Land Registry figures show – a 3.4% increase on October.
Over the month, the picture was different to that across the South East, where prices decreased 0.4%, and Woking was above the 0.8% drop for the UK as a whole.
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Over the last year, the average sale price of property in Woking rose by £7,700 – putting the area seventh among the South East’s 64 local authorities with price data for annual growth.
The highest annual growth in the region was in Oxford, where property prices increased on average by 5.7%, to £507,000. At the other end of the scale, properties in Surrey Heath lost 8.6% of their value, giving an average price of £430,000.
First steps on the property ladder
First-time buyers in Woking spent an average of £369,000 on their property – £8,000 more than a year ago, and £65,500 more than in November 2018.
By comparison, former owner-occupiers paid £617,900 on average in November – 67.4% more than first-time buyers.
Property types
Owners of flats saw the biggest rise in property prices in Woking in November – they increased 4.9%, to £287,883 on average. Over the last year, prices rose by 3.6%.
Among other types of property:
- Detached: up 2.1% monthly; up 0.4% annually; £1,052,115 average
- Semi-detached: up 3% monthly; up 1.3% annually; £551,789 average
- Terraced: up 3% monthly; up 0.4% annually; £435,934 average
How do property prices in Woking compare?
Buyers paid 30.3% more than the average price in the South East (£386,000) in November for a property in Woking. 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 – £695,000 on average, and 1.4 times the price as in Woking. Elmbridge properties cost 2.9 times the price as homes in Southampton (£239,000 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 November
- Woking: £502,857
- The South East: £385,844
- UK: £284,950
Annual change to November
- Woking: +1.6%
- The South East: -2.3%
- UK: -2.1%
Highest and lowest annual growth in the South East
- Oxford: +5.7%
- Surrey Heath: -8.6%