HOUSE prices dropped more than average for the East of England in Braintree in May, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 1.2 per cent annual growth.
The average Braintree house price in May was £281,293, Land Registry figures show – a 1.6 per cent decrease on April.
Over the month, the picture was worse than that across the East of England, where prices decreased one per cent, and Braintree underperformed compared to the 0.3 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Braintree rose by £3,400 – putting the area 17th among the East of England’s 45 local authorities for annual growth.
The best annual growth in the region was in South Norfolk, where properties increased on average by 7.6 per cent to £279,000.
Owners of terraced houses fared worst in Braintree in May, dropping two per cent in price to £239,982 on average. But over the last year, prices rose by 0.8 per cent.
Among other types of property:
Detached: down 1.6 per cent monthly, up 1.9 per cent annually to £471,562 on average
Semi-detached: down 1.4 per cent monthly, up 1.8 per cent annually to £291,041 on average
Flats: down 1.5 per cent monthly, down 0.1 per cent annually to £158,707 on average
First steps on the property ladder
First-time buyers in Braintree spent an average of £234,300 on their property – £2,200 more than a year ago, and £45,700 more than in May 2015.
By comparison, former owner-occupiers paid £318,300 on average in May – 35.9 per cent more than first-time buyers.
How do property prices in Braintree compare?
Buyers paid 3.2 per cent less than the average price in the East of England (£291,000) in May for a property in Braintree. Across the East of England, property prices are higher than those across the UK, where the average cost is £236,000.
The most expensive properties in the East of England were in Three Rivers – £508,000 on average, and 1.8 times as much as in Braintree. Three Rivers properties cost three times as much as homes in Great Yarmouth (£172,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average May sale price of £1.4 million could buy 16 properties in Burnley (average £88,000).
Factfile
Average property price in May
Braintree: £281,293
The East of England: £290,621
UK: £235,673
Annual growth to May
Braintree: +1.2%
The East of England: +0.7%
UK: +2.9%
Best and worst annual growth in the East of England
South Norfolk: +7.6%
Broxbourne: -4.6%
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