There are three areas of Surrey where house prices are falling as new data shows that the county as a whole has recorded house prices growth of below the national average in the 12 months to October 2024.
Overall, the cost of buying a home has continued to increase across Surrey, but the region is lagging behind the country as a whole. The average house price in our county was £514,788 in the 12 months to October, according to the latest figures from the Land Registry.
That’s an increase of 1.3% compared to a year earlier, equivalent to an extra £6,521 on each home. That’s lower than the UK average, with prices rising by 3.4% over the last year to £292,059.
Epsom and Ewell has seen more growth in property prices than anywhere else in Surrey. The average house price there rose by 4.3% or £22,232 over the last 12 months to £538,273.
In Guildford, house prices increased by 3.7% to £519,920, while in Surrey Heath they rose by 2.9% to £453,103. Prices fell in three local authorities in Surrey though – Mole Valley (0.9%), Tandridge (1.0%) and Woking (2.9%).
You can see how prices have changed in your local area by using our interactive map:
The Shetland Islands is the UK’s property hotspot. The average house price there is £225,587. That’s 28.2% higher than a year earlier, which is a larger jump than any other local authority in the country, and works out as an extra £49,601 per house.
Tewkesbury has seen the next largest growth in house prices, with the average property costing 12.6% more than it did a year earlier. That’s followed by Bridgend (10.8%), Blaenau Gwent (10.6%), Blackburn with Darwen (10.5%) and Pendle (10.4%).
Prices are falling in many areas though, with parts of London experiencing the biggest drops in the country. The average home in Kensington and Chelsea cost over £1.1 million in the year to October.
That’s a fall of £285,480 per house compared to a year earlier, which works out as a drop of 20.3% and is the largest of any local authority in the UK.
The City of London has seen the next largest drop with homes costing 18.3% less than a year earlier, equivalent to £160,166 per house. Hammersmith and Fulham has the next largest drop at 10.5%, equivalent to £86,825 per home.
North Devon has seen the next largest fall in average prices at 7.8%, followed by Camden with a drop of 6.2%, Gwynedd with a drop of 5.1%, the Isle of Wight with a drop of 5.0%, Islington with a drop of 4.9% and the City of Westminster with a drop of 4.4%.
Manchester – often seen as the North’s property hotspot with skyscrapers popping up all over the city – has also seen a drop in average prices.
The average house in the city cost £253,061 in the year to October according to the Land Registry data. That’s a drop of 2.3% compared to a year earlier, equivalent to each house costing £5,981 less.