In March, Southend witnessed a slight decrease in house prices by 0.9 percent, aligning with a worrying trend as property values in the area have experienced a 3.2 percent annual drop. This decline has left Southend’s average house price at £316,518 according to the latest data from the Land Registry, which reflects a £10,000 decrease from the previous year.
This local downtrend contrasts with the broader East of England, where property prices saw an increase of 0.5 percent over the same period, and even outpaces the general upward trend across the UK, which saw an average increase of 0.7 percent.
Impact on First-Time Buyers
The shift in Southend’s housing market has particularly affected first-time buyers. These buyers now pay an average of £265,200 for a home — £9,200 less than last year, yet still a substantial £27,600 increase from March 2019. In contrast, those moving from other homes (former owner-occupiers) paid an average of £366,700 in March, which is 38.3 percent more than what first-time buyers spent.
Varied Effects on Different Property Types
The market adjustments have not been uniform across all types of properties in Southend:
- Terraced houses faced the most significant drop, with prices decreasing by 1.2 percent in March to an average of £313,778, showing a yearly fall of 3.1 percent.
- Detached houses also saw prices decline by 1.1 percent monthly and 3.5 percent annually, with the average price standing at £596,846.
- Semi-detached houses experienced a 1 percent monthly and a 2.2 percent annual decrease, bringing the average price to £406,451.
- Flats recorded the least decrease, down by 0.6 percent monthly and 3.8 percent annually, averaging at £204,218.
Regional and National Comparisons
Homes in Southend were priced 7.4 percent below the East of England’s average, which was £342,000 in March. This region itself commands higher prices compared to the national average, which stood at £283,000. Southend’s most expensive properties, while pricey, were still significantly more affordable than those in St Albans, the region’s priciest area, where average home prices reached £576,000.
The disparity extends further when comparing to the national extremes; Kensington and Chelsea in London boasted the highest property prices in the UK.
Looking at the Bigger Picture
Regionally, Southend ranks 34th among 45 local authorities in terms of annual property price growth. This positions it near the bottom of the league in the East of England where, interestingly, the highest annual increase was seen in East Cambridgeshire with a rise of 10.6 percent. On the other end, Hertsmere saw the steepest decline with a 9.9 percent fall in property prices.