Woking house prices increased slightly in March

House prices increased slightly, by 0.8%, in Woking in March, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 7.4% over the last year.

The average Woking house price in March was £485,987, Land Registry figures show – a 0.8% increase on February.

Over the month, the picture was different to that across the South East, where prices decreased 0.4%, and Woking was above the 1.2% drop for the UK as a whole.

Over the last year, the average sale price of property in Woking rose by £34,000 – putting the area 14th among the South East’s 64 local authorities with price data for annual growth.

The highest annual growth in the region was in Sevenoaks, where property prices increased on average by 11.5%, to £544,000. At the other end of the scale, properties in Oxford lost 0.9% of their value, giving an average price of £466,000.

First steps on the property ladder

First-time buyers in Woking spent an average of £355,000 on their property – £25,000 more than a year ago, and £44,000 more than in March 2018.

By comparison, former owner-occupiers paid £600,000 on average in March – 69.2% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Woking in March – they increased 1.1%, to £1,030,745 on average. Over the last year, prices rose by 7.2%.

Among other types of property:

How do property prices in Woking compare?

Buyers paid 23.2% more than the average price in the South East (£395,000) in March for a property in Woking. Across the South East, property prices are high compared to those across the UK, where the average cost £285,000.

The most expensive properties in the South East were in Elmbridge – £719,000 on average, and 1.5 times as much as more than in Woking. Elmbridge properties cost 2.9 times as much as homes in Southampton (£249,000 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 March

Annual growth to March

Highest and lowest annual growth in the South East