House prices dropped by three per cent in the Braintree district in August – more than the average for the East of England – new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 1.6 per cent annual decline.

The average district house price in August was £337,005, Land Registry figures show – a three per cent decrease on July.

Over the month, the picture was different to that across the East of England, where prices decreased 0.7 per cent.

The UK as a whole saw a 0.3 per cent rise.

Over the last year, the average sale price of property in Braintree fell by £5,400 – putting the area 34th among the East of England’s 45 local authorities with figures for annual growth.

First-time buyers in the district spent an average of £277,100 on their property – £6,000 less than a year ago, but £40,400 more than in August 2018.

Owners of flats saw the biggest fall in property prices – down 3.7 per cent in price, to £174,774 on average, and down three per cent over the last year.

Detached houses were down 2.9 per cent monthly and up 0.3 per cent annually to £583,832 on average.

Semi-detached were down 2.7 per cent monthly and down 1.6 per cent annually to £351,085.

Terraced properties were down three per cent monthly and down 3.1 per cent annually to £286,248 on average.

Buyers in the Braintree district paid 3.9 per cent less than the average price in the East of England (£351,000) in August.

Across the East of England, property prices are high compared to those across the UK, where the average cost is £291,000.


Average property price in August

Braintree: £337,005

East of England: £350,728

UK: £291,044

Annual change to August

Braintree: -1.6%

East of England: -1.6%

UK: +0.2%