HOUSE prices dropped in Braintree in July, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 0.9 per cent annual growth.
The average Braintree house price in July was £283,256, Land Registry figures show – a 1.4 per cent decrease on June.
Over the month, the picture was worse than that across the East of England, where prices increased 0.2 per cent, and Braintree underperformed compared to the 0.5 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Braintree rose by £2,700 – putting the area 23rd 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 7.3 per cent, to £274,000.
At the other end of the scale, properties in Broxbourne dropped 4.5 per cent in value, giving an average price of £342,000.
Winners and Losers
Owners of detached houses fared worst in Braintree in July – they dropped 1.5% in price, to £471,845 on average. But over the last year, prices rose by 1.1 per cent.
Among other types of property:
Semi-detached: down 1.2 per cent monthly; up 1.8 per cent annually to £293,642 on average.
Terraced: down 1.4 per cent monthly and up 1.2 per cent annually to £243,614 on average.
Flats: down 1.4 per cent monthly and down 1.4 per cent annually to £158,641 on average.
First steps on the property ladder
First-time buyers in Braintree spent an average of £236,200 on their property – £1,800 more than a year ago, and £45,500 more than in July 2015.
By comparison, former owner-occupiers paid £320,100 on average in July – 35.5 per cent more than first-time buyers.
How do property prices in Braintree compare?
Buyers paid 3.9 per cent less than the average price in the East of England (£295,000) in July for a property in Braintree. Across the East of England, property prices are higher than those across the UK, where the average cost is £238,000.
The most expensive properties in the East of England were in Three Rivers – £517,000 on average, and 1.8 times as much as in Braintree. Three Rivers properties cost three times as much as homes in Great Yarmouth (£173,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average July sale price was £1.2 million.
Factfile
Average property price in July
Braintree: £283,256
East of England: £294,876
UK: £237,963
Annual growth to July
Braintree: +0.9%
East of England: +1.2%
UK: +2.3%
Best and worst annual growth in the East of England
South Norfolk: +7.3%
Broxbourne: -4.5%
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