HOUSE prices in the Braintree district increased more than average for the East of England in August, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 2.6 per cent annual growth.
The average Braintree house price in August was £287,798, Land Registry figures show – a 1.4 per cent increase on July.
Over the month, the picture was better than that across the East of England, where prices increased 0.8 per cent, and Braintree outperformed the 0.7 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Braintree rose by £7,200 – putting the area 17th 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 5.9 per cent, to £269,000.
At the other end of the scale, properties in Babergh dropped 4.1 per cent in value, giving an average price of £279,000.
Winners and Losers
Owners of terraced houses saw the biggest improvement in property prices in Braintree in August – they increased 1.6 per cent, to £248,186 on average. Over the last year, prices rose by three per cent.
Among other types of property:
- Detached: up 1.5 per cent monthly and up 2.6 per cent annually to a £479,723 average.
- Semi-detached: up 1.5 per cent monthly and 3.6 per cent annually to a £298,710 average.
- Flats: up 0.5 per cent monthly and down 0.5 per cent annually to a £159,598 average.
First steps on the property ladder
First-time buyers in Braintree spent an average of £239,600 on their property – £5,600 more than a year ago, and £45,100 more than in August 2015.
How do property prices in Braintree compare?
Buyers paid 2.9 per cent less than the average price in the East of England (£296,000) in August for a property in Braintree.
Across the East of England, property prices are high compared to those across the UK, where the average cost £239,000.
The most expensive properties in the East of England were in St Albans – £522,000 on average, and 1.8 times as much as in Braintree. St Albans properties cost three times as much as homes in Great Yarmouth (£174,000 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 £1.4 million could buy 15 properties in Burnley (average £91,000).
Factfile
Average property price in August
- Braintree: £287,798
- East of England: £296,411
- UK: £239,196
Annual growth to August
- Braintree: +2.6%
- The East of England: +2.0%
- UK: +2.5%
Best and worst annual growth in the East of England
- South Norfolk: +5.9%
- Babergh: -4.1%
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