House prices increased more than average for the East of England in Basildon in August, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 0.7% annual growth .
The average Basildon house price in August was £313,780, Land Registry figures show – a 2.1% increase on July.
Over the month, the picture was better than that across the East of England, where prices increased 0.3% , and Basildon outperformed the 0.8% rise for the UK as a whole.
Over the last year, the average sale price of property in Basildon rose by £2,300 – putting the area 17th among the East of England’s 47 local authorities for annual growth.
Winners and Losers
Owners of detached houses saw the biggest improvement in property prices in Basildon in August – they increased 2.5%, to £568,610 on average. Over the last year, prices rose by 1.4%.
Among other types of property:
Semi-detached: up 2.1% monthly; up 1.3% annually; £351,457 average
Terraced: up 2.2% monthly; up 1% annually; £268,301 average
Flats: up 1.5% monthly; down 1.5% annually; £219,474 average
First steps on the property ladder
First-time buyers in Basildon spent an average of £266,800 on their property – £1,200 more than a year ago, and £75,300 more than in August 2014.
By comparison, former owner-occupiers paid £ 362,100 on average in August – 35.7% more than first-time buyers.
How do property prices in Basildon compare?
Buyers paid 6.7% more than the average price in the East of England (£294,000) in August for a property in Basildon. Across the East of England, property prices are high compared to those across the UK, where the average cost £235,000.
The most expensive properties in the East of England were in Three Rivers – £521,000 on average, and 1.7 times as much as in Basildon. Three Rivers properties cost 2.9 times as much as homes in Great Yarmouth (£176,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average August sale price of £1.3 million could buy 15 properties in Burnley (average £84,000).
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