Woking house prices increased slightly in October

House prices increased slightly, by 0.5%, in Woking in October, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 5.5% annual decline.

The average Woking house price in October was £474,145, Land Registry figures show – a 0.5% increase on September.

Over the month, the picture was different to that across the South East, where prices decreased 0.9%, and Woking was above the 0.7% drop for the UK as a whole.

Over the last year, the average sale price of property in Woking fell by £28,000 – putting the area 59th among the South East’s 64 local authorities with price data for annual growth.

The highest annual growth in the region was in Tandridge, where property prices increased on average by 10.3%, to £575,000. At the other end of the scale, properties in Hastings lost 9.2% of their value, giving an average price of £269,000.

First steps on the property ladder

First-time buyers in Woking spent an average of £346,000 on their property – £20,000 less than a year ago, but £43,000 more than in October 2018.

By comparison, former owner-occupiers paid £586,000 on average in October – 69.6% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Woking in October – they increased 0.7%, to £267,264 on average. Over the last year, prices dropped by 5.1%.

Among other types of property:

How do property prices in Woking compare?

Buyers paid 21.8% more than the average price in the South East (£389,000) in October 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 – £721,000 on average, and 1.5 times the price as in Woking. Elmbridge properties cost three times the price as homes in Southampton (£243,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, at £1.4 million.

Factfile

Average property price in October

Annual change to October

Highest and lowest annual growth in the South East