Worthing house prices dropped more than South East average in March

General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.
General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.
House prices dropped by 0.5% – more than the average for the South East – in Worthing in March, new figures show.

House prices dropped by 0.5% – more than the average for the South East – in Worthing in March, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 4.3% over the last year.

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The average Worthing house price in March was £354,213, Land Registry figures show – a 0.5% decrease on February.

Over the month, the picture was similar to that across the South East, where prices decreased 0.4%, and Worthing was above the 1.2% drop for the UK as a whole.

Over the last year, the average sale price of property in Worthing rose by £15,000 – putting the area 47th among the South East’s 64 local authorities with price data for annual growth.

The highest annual growth in the region was in Sevenoaks, where property prices increased on average by 11.5%, to £544,000. At the other end of the scale, properties in Oxford lost 0.9% of their value, giving an average price of £466,000.

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First steps on the property ladder

First-time buyers in Worthing spent an average of £282,000 on their property – £11,000 more than a year ago, and £59,000 more than in March 2018.

By comparison, former owner-occupiers paid £416,000 on average in March – 47.7% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices Worthing in March – they dropped 1.1% in price, to £373,858 on average. But over the last year, prices rose by 4.6%.

Among other types of property:

  • Detached: down 0% monthly; up 4.7% annually; £666,694 average
  • Semi-detached: down 0.3% monthly; up 4.9% annually; £469,997 average
  • Flats: down 0.6% monthly; up 3.5% annually; £225,052 average