House Prices Increase by up to 11.5% in Worthing, Lancing, Shoreham and Hove
An article published by the BBC today stated that UK house prices climbed 7.5% in 2020, the highest growth rate for six years, according to Nationwide Building Society. Prices ended the year 5.3% above the level prevailing in March, a resilience that seemed unlikely at the start of the pandemic, it said.
Whilst this positive news is welcomed by homeowners across the country, we wanted to take a deeper look in to local data to provide you with an insight in to house price growth across the South Coast.
Jacobs Steel Data
When we reviewed our internal data for January to December 2020 and compared it to the same period in 2019, we saw overall sold house price growth of a staggering 11.4%. This growth reflects sold property data across all of our branches, from West Worthing to Hove.
Home.co.uk provides us with data for any given location. When we looked at Worthing, overall, property prices increased in January to September by 10% when compared to the same period of 2019.
Detached houses showed the most growth, with up to 27% increase in sold prices; with terraced homes showing the second highest increase of 10%.
Worthing’s statistics include East, Central and West Worthing; as well as Findon.
Lancing’s house prices remained steady throughout 2020, with the data from home.co.uk showing no upward or downward trend across the year.
Terraced homes were the only category where the data showed a year on year increase of 9%.
Shoreham’s trends, whilst they look a little sporadic, were mostly positive; with an overal average trend of a 7% increase in sold property prices.
In fact, all four property types experienced an increase in sold prices; with flats experiencing the largest increase with an average of 23%. Terraced house prices rose by 16% on average; detached property by 8% and semi-detached property by 3%.
Property prices in Hove saw an overall increase of 5% in 2020, according to home.co.uk.
Terraced houses in Hove saw the largest increase, rising by 15% on average.