HOUSE prices dropped by 1.3 per cent in Maldon in June, new figures show. 

However the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 2.7 per cent annual growth.

This is still the lowest in the East of England.

The average Maldon house price in June was £348,756, Land Registry figures show – a 1.3 per cent decrease on May.

Maldon underperformed compared to the 4.5 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Maldon rose by £9,100 – putting the area bottom among the East of England’s 50 local authorities for annual growth.

Owners of flats fared worst in Maldon in June – they dropped 1.7 per cent in price, to £238,781 on average. Over the last year, prices dropped by 2.2 per cent.

First-time buyers in Maldon spent an average of £265,500 on their property – £5,300 more than a year ago, and £48,600 more than in June 2016.

By comparison, former owner-occupiers paid £396,400 on average in June – 49.3 per cent more than first-time buyers.

Across the East of England, property prices are high compared to those across the UK, where the average cost £266,000.