House prices dropped in Maldon in July, latest figures show.
The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 2.1 per cent annual decline.
The average Maldon house price in July was £332,215, Land Registry figures show – a one per cent decrease on June.
Over the month, the picture was worse than that across the East of England, where prices increased 0.2 per cent, and Maldon underperformed compared to the 0.5 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Maldon remained level – putting the area 40th among the East of England’s 47 local authorities for annual growth.
The best annual growth in the region was in South Norfolk, where properties increased on average by 7.3 per cent, to £274,000. At the other end of the scale, properties in Broxbourne dropped 4.5 per cent in value, giving an average price of £342,000.
Winners and Losers
Owners of detached houses fared worst in Maldon in July – they dropped 1.1 per cent in price, to £479,801 on average. Over the last year, prices dropped by 1.9 per cent.
Among other types of property: Semi-detached - down 0.8 per cent monthly and down 1.6 per cent annually to £300,995 average
First steps on the property ladder: First-time buyers in Maldon spent an average of £253,600 on their property – £6,600 less than a year ago, and £48,300 more than in July 2015.
By comparison, former owner-occupiers paid £376,800 on average in July – 48.6 per cent more than first-time buyers.
How do property prices in Maldon compare?
Buyers paid 12.7 per cent more than the average price in the East of England (£295,000) in July for a property in Maldon. Across the East of England, property prices are high compared to those across the UK, where the average cost is £238,000.
The highest property prices across the UK were in Kensington and Chelsea, where the average July sale price was £1.2million could buy 14 properties in Burnley (average £91,000).
Factfile
Average property price in July
Maldon: £332,215
East of England: £294,876
UK: £237,963
Annual growth to July
Maldon: -2.1%
East of England: +1.2%
UK: +2.3%
Best and worst annual growth in the East of England
South Norfolk: +7.3%
Broxbourne: -4.5%
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