House prices on the rise again – but are still down on a year ago
House prices increased by 0.9 per cent in Portsmouth during March, new figures show.
But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 2.7 per cent annual decline.
The average Portsmouth house price in March was £247,874. Land Registry figures show a 0.9 per cent increase on February.
Over the month, the picture was different to that across the South East, where prices increased 0.3 per cent, and Portsmouth was above the 0.7 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Portsmouth fell by £7,000 – putting the area 29th among the South East’s 64 local authorities with price data for annual growth.
The highest annual growth in the region was in West Oxfordshire, where property prices increased on average by 6 per cent, to £392,000.
First-time buyers in Portsmouth spent an average of £228,700 on their property – £6,700 less than a year ago, but £35,700 more than in March 2019.
By comparison, former owner-occupiers paid £271,900 on average in March – 18.9 per cent more than first-time buyers.
£228K
First-time buyers in Portsmouth spent an average of £228,700 on their property
0.9%
House prices increased by 0.9 per cent in Portsmouth during March.
£247k
The average Portsmouth house price in March was £247,874.
1.4%
Owners of flats saw the biggest rise in property prices in Portsmouth in March – they increased1.4%, to £177,138 on average.
£7,000
Over the last year, the average sale price of property in Portsmouth fell by £7,000
2.7%
Annual property declined in price to March by 2.7 per cent in Portsmouth
33.6%
Buyers in Portsmouth paid 33.6% less than the average price in the South East (£373,000) in March for a property.
£511k
Detached property prices went up by 0.9 per cent in March to an average of £511,845.
£265k
The price of a terraced home went up by 0.6% in March to an average of £265,678 average
2.6
The most expensive properties in the South East were in Elmbridge, Surrey – £645,000 on average, and 2.6 times the price as in Portsmouth