HOUSE prices in Maldon increased by almost four per cent – more than the average for the East of England – in April, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 12.4 per cent annual growth.

The average Maldon house price in April was £371,083, Land Registry figures show – a 3.8 per cent increase on March.

Over the month, the picture was better than that across the East of England, where prices increased just 0.3 per cent, and Maldon outperformed the 1.9 per cent drop for the UK as a whole.

Over the last year, the average sale price of property in Maldon rose by £41,000 – putting the area seventh among the East of England’s 50 local authorities for annual growth.

Winners and Losers

Owners of semi-detached houses saw the biggest improvement in property prices in Maldon in April – they increased four per cent, to £335,179 on average. Over the last year, prices rose by 12.6 per cent.

Among other types of property:

  • Detached: up 3.8 per cent monthly and up 13 per cent annually to £539,980 on average.
  • Terraced: up 3.5 per cent monthly and up 12.4 per cent annually to £254,557.
  • Flats: up 3.3 per cent monthly and up 8.4 per cent annually to £168,112 average.

First steps on the property ladder

First-time buyers in Maldon spent an average of £282,000 on their property – £30,000 more than a year ago, and £69,000 more than in April 2016.

By comparison, former owner-occupiers paid £422,000 on average in April – 49.4 per cent more than first-time buyers.

How do property prices in Maldon compare?

Buyers paid 18.2 per cent more than the average price in the East of England (£314,000) in April for a property in Maldon.

Across the East of England, property prices are high compared to those across the UK, where the average cost £251,000.

The most expensive properties in the East of England were in St Albans – £543,000 on average, and 1.5 times as much as in Maldon.

Factfile

Average property price in April

  • Maldon: £371,083
  • The East of England: £313,964
  • UK: £250,772

Annual growth to April

  • Maldon: +12.4%
  • The East of England: +8%
  • UK: +8.9%