Good news for Southend sellers! House prices rose by a healthy 2% in May, beating the average for the East of England. This mini-boom gives a glimmer of hope after a slightly gloomy year for the area’s property market.
But don’t get too excited just yet! Despite May’s increase, prices are still down by 1.8% compared to this time last year. The average home in Southend will now set you back £318,376, a drop of £5,800 since May 2023.
First-time buyers, take note! The average price for those stepping onto the property ladder is now £266,900. That’s £5,400 cheaper than a year ago but a hefty £29,700 more expensive than in May 2019.
Here’s the breakdown:
- Detached houses saw the biggest jump in May, with prices rising by 2.2% to an average of £597,414.
- Semi-detached properties weren’t far behind, increasing by 2.1% to an average of £409,091.
- Terraced houses saw a 2% rise, bringing the average price to £316,514.
- Flats experienced a 1.8% increase, with an average price of £205,333.
So, how does Southend compare to the rest of the region?
Well, it’s still cheaper to buy in Southend than the East of England average. Buyers here paid 5.7% less than the regional average of £338,000 in May. However, remember that prices in the East of England are generally higher than the UK average of £285,000.
Looking for a bargain? Head to Great Yarmouth where the average house price is a much more affordable £214,000. But if you’ve got cash to splash, St Albans is the place to be. Homes there will set you back a cool £570,000 on average.
Here’s a quick summary of the key facts:
- Average property price in Southend: £318,376
- Average property price in the East of England: £337,757
- Average property price in the UK: £285,201
- Annual price change in Southend: -1.8%
- Annual price change in the East of England: +1.9%
- Annual price change in the UK: +2.2%
The bottom line? Southend’s property market is showing some signs of life, but it’s still a buyers’ market. If you’re thinking of making a move, now could be a good time to grab yourself a deal.