Good news for first-time buyers in Southend-on-Sea as house prices continue to fall, despite a small increase in April.
Hold tight if you’re thinking of selling your house in Southend – prices dipped by 3.3% over the last year, despite a slight increase in April.
The average price tag on a Southend property in April was £314,796, according to the Land Registry. This is a tiny 0.3% increase compared to March, but before you get too excited, prices are still down significantly compared to last year. In fact, you would have lost an average of £11,000!
If you’re looking for the biggest price rises in the East of England, head to East Cambridgeshire, where prices shot up by 7.8% to £351,000.
Good news for First-Time Buyers?
First-time buyers in Southend are in luck – the average price they paid for a property in April was £264,000, a hefty £9,000 less than a year ago.
This means that stepping onto the property ladder is becoming slightly more affordable!
What Type of Property Is Your Money On?
Flats in Southend saw the most significant price jump in April, with a 0.5% increase, bringing the average price to £203,313. But, before you rush to invest, remember that flat prices have still fallen by 3.8% over the last year.
Here’s a breakdown of other property types:
- Detached: Prices down 0.2% monthly and 4.4% annually, averaging £589,647.
- Semi-detached: Prices up 0.5% monthly but down 2.3% annually, averaging £404,612.
- Terraced: Prices up 0.2% monthly but down 2.9% annually, averaging £312,555.
How Does Southend Compare?
If you’re looking for a bargain, Southend’s property prices are 6.2% lower than the East of England average of £335,000.
The most expensive homes in the East of England were in St Albans, with an average price of £578,000 – that’s almost double the price of a property in Southend.
Southend Property Price at a Glance:
- Average price in April: £314,796
- Annual change: -3.3%
- Average first-time buyer price: £264,000
So, while Southend property prices saw a small bump in April, the market still favours buyers. Could now be the time to grab yourself a bargain?