HOUSE prices increased by 3.3 per cent – more than the average for the south east – in Winchester in March, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 14.7 per cent annual growth.

The average Winchester house price in March was £507,658, Land Registry figures show – a 3.3 per cent increase on February.

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Over the month, the picture was better than that across the South East, where prices increased 1.1 per cent, and Winchester outperformed the 0.3 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Winchester rose by £65,000 – putting the area 16th among the south east’s 64 local authorities with price data for annual growth.

The best annual growth in the region was in Cherwell, where property prices increased on average by 22.1 per cent, to £378,000. At the other end of the scale, properties in Slough gained just 1.3 per cent in value, giving an average price of £303,000.

Winners and Losers

Owners of semi-detached houses saw the biggest improvement in property prices in Winchester in March – they increased 3.6 per cent, to £506,395 on average. Over the last year, prices rose by 16 per cent.

Among other types of property:

  • Detached: up 3.4 per cent monthly; up 17.4 per cent annually; £842,398 average
  • Terraced: up 3.2 per cent monthly; up 13.1 per cent annually; £421,601 average
  • Flats: up 3 per cent monthly; up 8.8 per cent annually; £256,126 average

First steps on the property ladder

First-time buyers in Winchester spent an average of £378,000 on their property – £45,000 more than a year ago, and £68,000 more than in March 2017.

By comparison, former owner-occupiers paid £584,000 on average in March – 54.4 per cent more than first-time buyers.

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How do property prices in Winchester compare?

Buyers paid 31.9 per cent more than the average price in the South East (£385,000) in March for a property in Winchester. Across the South East, property prices are high compared to those across the UK, where the average cost £278,000.

The most expensive properties in the South East were in Elmbridge – £675,000 on average, and 1.3 times as much as more than in Winchester. Elmbridge properties cost 2.8 times as much as homes in Southampton (£238,000 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

Winchester: £507,658

The South East: £384,966

UK: £278,436

Annual growth to March

Winchester: +14.7 per cent

The South East: +11.7 per cent

UK: +9.8 per cent

Best and worst annual growth in the South East

Cherwell: +22.1 per cent

Slough: +1.3 per cent

Message from the editor Kimberley Barber

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