Title: The Fluctuating Property Prices in Surrey: A Closer Look
Introduction:
Property prices in Surrey have been on a rollercoaster ride, with overall declines observed in recent months. However, some areas within the county have managed to maintain healthy growth. In this article, we will explore the latest data from the HM Land Registry, providing valuable insights for prospective buyers. While highlighting the declines in several local authorities, we will also shed light on the areas that have experienced growth.
Fluctuations in Surrey Property Prices:
The property market in Surrey has witnessed a decline, with prices dropping by 1.63% between December 2022 and April 2023. This overall decrease has impacted eight out of the eleven local authorities in Surrey. Landlords in Elmbridge have been particularly affected by a significant 4.82% decline in property prices over the four-month period, followed by Waverley with a drop of 3.84%, and Runnymede with a decline of 3.09%.
Despite the decline, it is important to note that property prices in Surrey remain strong, with the average price for all properties standing at £529,739. Interestingly, Elmbridge retains its position as the area with the highest average home price in Surrey, despite experiencing a nearly 5% decline in value. The average price of a property in Elmbridge remained at £713,209 between December 2022 and April 2023.
Areas of Growth:
While many areas in Surrey have seen a decline in property prices, a few areas have experienced growth during the same four-month period. Guildford witnessed a modest increase of 0.47%, making it an attractive option for homeowners. Moreover, Spelthorne and Tandridge have seen noteworthy growth, with median property prices increasing by 1.97% and 2.72%, respectively.
Stability in the Market:
Although Surrey has witnessed a recent dip in property prices, comparing April 2022 to April 2023 reveals that prices have remained relatively stable over this period. In fact, property prices in the county have risen by nearly 3.3%. This stability provides reassurance for both prospective buyers and current homeowners in Surrey.
A Comprehensive Look at Local Authorities:
To better understand how property prices have changed across Surrey, let’s examine the data on local authorities:
1. Tandridge: Property prices increased by 2.72%, with the average price rising from £525,118 to £539,413.
2. Spelthorne: The average property price in Spelthorne rose from £423,726 to £432,093, indicating a growth of 1.97%.
3. Guildford: A modest growth of 0.47% was observed in Guildford, with the average property price increasing from £529,249 to £531,752.
4. Surrey Heathland: Property prices experienced a slight decline of 0.28%, going from £467,689 to £466,393.
5. Epsom and Ewell: The average property price decreased by 1.31%, dropping from £551,931 to £544,647.
6. Surrey: The overall decline in the county was 1.63%, resulting in an average property price of £521,107.
7. Woking: Property prices in Woking declined by 1.85%, with the average price falling from £494,585 to £485,444.
8. Mole Valley: The property prices in Mole Valley declined by 1.90%, from £576,807 to £565,949.
9. Reigate and Banstead: A significant decline of 2.58% was observed in this area, with property prices dropping from £492,783 to £480,047.
10. Runnymede: Property prices in Runnymede experienced a decline of 3.09%, with the average price going from £485,478 to £470,479.
11. Waverley: The largest decline among local authorities in Surrey was observed in Waverley, with property prices dropping by 3.84% from £562,318 to £540,722.
12. Elmbridge: The area with the highest average home price experienced a decline of 4.82%, with property prices falling from £713,209 to £678,858.
Conclusion:
The property market in Surrey has experienced fluctuations, with most areas witnessing a decline in prices. However, despite the recent downturn, Surrey’s property market has remained stable and continues to offer a strong investment opportunity for buyers. It is essential for potential buyers and sellers to stay updated on market trends and make informed decisions considering local authorities’ dynamics.
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property prices they continue to fall in Surrey, although some areas of the county have still seen healthy growth. The latest data from the HM Land Registry is a good read for hopeful buyers, with prices in the county down 1.63% between December 2022 and April 2023.
eight of Surrey 11 local authorities have also experienced a drop in recent months, with landlords in elmbridge shuddering at the 4.82% decline in prices over the four-month period. Waverley followed in second place with a drop of 3.84% and Runnymede in third place with 3.09%.
Despite this relative drop, property prices remain strong in the county, with the Surrey average at £529,739 for all properties. The area with the highest average home price in Surrey, between December 2022 and April 2023, was Elmbridge where, despite a nearly 5% decline in value, prices held at £713,209 .
While most places in the county fell in value, there were three areas that saw growth during this four-month period. This included a modest increase in Guildford 0.47% but it is in Spelthorne and Tandridge where the owners will rub their hands.
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The former saw its median property price increase from £423,726 to £432,093, an increase of 1.97%. This was even higher in tandridge which saw the average household increase by £14,295 or a percentage increase of 2.72%.
Despite falling in recent months, Surrey property prices have remained stable when comparing April 2022 to April 2023. Property prices in the county have risen nearly 3.3% over this period.
Below surreylive has a full table of all the local authorities in Surrey to see how property prices have changed between December 2022 and April 2023. You can scroll below to see accumulations for your area.
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