HOUSE prices dropped slightly in Maldon in May, new figures show.
The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 1.1 per cent annual decline.
The average Maldon house price in May was £329,622, Land Registry figures show – a 0.6 per cent decrease on April.
Over the month, the picture was similar to that across the East of England, where prices decreased 1 per cent, but Maldon 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 Maldon remained level – putting the area 36th 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.
At the other end of the scale, properties in Broxbourne, Hertfordshire, dropped 4.6 per cent in value, giving an average price of £335,000.
Owners of terraced houses fared worst in Maldon in May. Prices dropped 0.9 per cent to £224,580 on average. Over the last year, prices dropped by 1.8 per cent.
Detached properties were down 0.8 per cent monthly and down 0.6 per cent annually to £477,141 on average.
Semi-detached house prices fell 0.3 per cent monthly and were down 0.7 per cent annually to £298,361 on average. Flats were down 0.2 per cent monthly and down 2.8 per cent annually to £155,106 on average.
First-time buyers in Maldon spent an average of £252,100 on their property – £3,400 less than a year ago, and £46,800 more than in May 2015.
By comparison, former owner-occupiers paid £373,300 on average in May – 48.1 per cent more than first-time buyers.
Buyers paid 13.4 per cent more than the £291,000 average price in the East of England in May for a property in Maldon.
Across the East of England, property prices are high compared to those across the UK, where the average cost £236,000.
The highest average property prices across the UK were in Kensington and Chelsea at £1.4million.
Factfile
Average property price in May
Maldon: £329,622
The East of England: £290,621
UK: £235,673
Annual growth to May
Maldon: -1.1%
The East of England: +0.7%
UK: +2.9%
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