The average house price in Surrey stood at £525,033 for the 12 months leading up to September, according to Land Registry data. This figure represents a slight increase of 0.2% from the previous month (August). However, when compared to the same period last year, there’s a noticeable decline of 1.4%.

Elmbridge: A Prime Example

Elmbridge, known for its higher property values within Surrey, shows an average house price of £705,022 in the year to September. This area saw a 2.5% decrease from last year but a 1.1% increase from August, indicating a fluctuating market.

A Closer Look at Local Authorities in Surrey

Each local authority in Surrey has demonstrated unique trends in house prices:

• Woking: Average price £483,148; up 1.4% from last month, down 3% from last year.
• Waverley: Average price £578,462; up 2.3% from last month, up 2.5% from last year.
• Elmbridge: Average price £705,022; up 1.1% from last month, down 2.5% from last year.
• Epsom and Ewell: Average price £554,076; up 0.8% from last month, down 0.1% from last year.
• Spelthorne: Average price £422,004; up 0.5% from last month, up 0.6% from last year.
• Runnymede: Average price £479,793; up 0.4% from last month, down 0.6% from last year.
• Surrey Heath: Average price £439,652; up 0.1% from last month, down 7.2% from last year.
• Guildford: Average price £540,310; down 0.8% from last month, up 0.6% from last year.
• Reigate and Banstead: Average price £484,105; down 0.8% from last month, down 1.5% from last year.
• Tandridge: Average price £522,394; down 1.4% from last month, down 0.1% from last year.
• Mole Valley: Average price £557,924; down 1.8% from last month, down 4.3% from last year.

Surrey Heath: A Significant Decline

Notably, Surrey Heath experienced the most significant annual decrease in the region, with a 7.2% drop. This is one of the most substantial declines in the UK.

National Context: UK House Price Trends

In comparison, the average house price across the UK was £291,385 in the 12 months to September, according to the Land Registry. This reflects a decrease of 0.5% from August and a minor drop of 0.1% from September of the previous year.

Varied Regional Dynamics

The nationwide trends show diverse patterns:

• East Lothian: Witnessed the largest annual increase in the UK, with prices soaring by 15.2%.
• South Tyneside: Follows with a 9.8% increase.
• Kensington and Chelsea: Saw the most significant drop, with a 20.6% decrease in average house prices.
• City of London and Blaenau Gwent: Also experienced notable decreases of 15.7% and 11.2%, respectively.

Conclusion: Insights for Investors and Homebuyers

The Surrey property market, along with the broader UK market, is characterized by its variability. For potential investors and homebuyers, this means staying informed about local and national trends is crucial. While some areas in Surrey like Waverley show promising growth, others like Surrey Heath indicate a declining market. Nationwide, while some areas experience substantial growth, others face steep declines, reflecting the diverse nature of the UK property market.