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.


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%