Southend property prices rise in May 2024

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 1.8% annual decline.

The average Southend house price in May was £318,376. Land Registry figures show a 2% increase on April.

Over the month, the picture was different to that across the East of England, where prices increased 0.6%, and Southend was above the 1.2% rise for the UK as a whole.

Over the last year, the average sale price of property in Southend fell by £5,800 – putting the area 32nd among the East of England’s 45 local authorities with price data for annual growth.

The highest annual growth in the region was in East Cambridgeshire, where property prices increased on average by 10.1%, to £358,000. At the other end of the scale, properties in Hertsmere lost 11.8% of their value, giving an average price of £452,000.

First steps on the property ladder

First-time buyers in Southend spent an average of £266,900 on their property – £5,400 less than a year ago, but £29,700 more than in May 2019.

By comparison, former owner-occupiers paid £368,600 on average in May – 38.1% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Southend in May – they increased 2.2%, to £597,414 on average. Over the last year, prices dropped by 2.4%.

Among other types of property:

• Semi-detached: up 2.1% monthly; down 0.6% annually; £409,091 average
• Terraced: up 2% monthly; down 1.1% annually; £316,514 average
• Flats: up 1.8% monthly; down 2.9% annually; £205,333 average

How do property prices in Southend compare?

Buyers paid 5.7% less than the average price in the East of England (£338,000) in May for a property in Southend. Across the East of England, property prices are higher than those across the UK, where the average cost is £285,000.

The most expensive properties in the East of England were in St Albans – £570,000 on average, and 1.8 times the price as in Southend. St Albans properties cost 2.7 times the price as homes in Great Yarmouth (£214,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in May Southend: £318,376

• The East of England: £337,757 UK: £285,201
• Annual change to May Southend: -1.8%
• The East of England: +1.9% UK: +2.2%
• Highest and lowest annual growth in the East of England East Cambridgeshire: +10.1% Hertsmere: -11.8%