Eastbourne house prices increase

House prices increased by 1.6% in Eastbourne in June, new figures show.

Friday, 20th August 2021, 2:55 pm

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 12.7% annual growth.

The average Eastbourne house price in June was £264,358, Land Registry figures show – a 1.6% increase on May.

Over the month, the picture was less good than that across the South East, where prices increased 2.7%, and Eastbourne underperformed compared to the 4.5% rise for the UK as a whole.

The view over Eastbourne seafront. SUS-210519-151342001

Over the last year, the average sale price of property in Eastbourne rose by £30,000 – putting the area sixth among the South East’s 70 local authorities for annual growth.

The best annual growth in the region was in Hastings, where property prices increased on average by 18.5%, to £252,000. At the other end of the scale, properties in Runnymede gained 0.9% in value, giving an average price of £433,000.

Winners and Losers:

Owners of semi-detached houses saw the biggest improvement in property prices in Eastbourne in June – they increased 1.7%, to £343,523 on average. Over the last year, prices rose by 13.4%.

Among other types of property:

Detached, up 1.6% monthly; up 14% annually; £500,575 average

Terrace, up 1.7% monthly; up 14.2% annually; £269,380 average

Flats, up 1.6% monthly; up 10.9% annually; £189,124 average

First steps on the property ladder:

First-time buyers in Eastbourne spent an average of £226,000 on their property – £25,000 more than a year ago, and £32,000 more than in June 2016.

By comparison, former owner-occupiers paid £295,000 on average in June – 30.1% more than first-time buyers.

How do property prices in Eastbourne compare?

Buyers paid 25.7% less than the average price in the South East (£356,000) in June for a property in Eastbourne. Across the South East, property prices are roughly the same as those across the UK, where the average cost £266,000.

The most expensive properties in the South East were in Elmbridge – £650,000 on average, and 2.5 times as much as in Eastbourne. Elmbridge properties cost three times as much as homes in Southampton (£218,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average June sale price of £1.2 million could buy 13 properties in Burnley (average £99,000).

Factfile:

Average property price in June:

Eastbourne, £264,358

The South East, £355,948

UK, £265,668

Annual growth to June:

Eastbourne, +12.7%

The South East, +10.5%

UK, +13.2%

Best and worst annual growth in the South East:

Hastings, +18.5%

Runnymede, +0.9%