HOUSE prices in Winchester decreased by nearly two per cent in June, according to figures from the Land Registry.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 5.1 per cent over the last year, compared to the UK increase of 1.7 per cent.

The average Winchester house price in June was £504,326– a 1.9 per cent decrease from May.

This differs from the whole of the South East, where prices increased by 0.6 per cent, with houses across the whole of the region costing an average of £391,406.

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Buyers still paid 28.8 per cent more than the average price in the South East in June for a property in Winchester.

Over the last year, the average sale price of property in Winchester rose by £24,000 – putting the area seventh among the South East’s 64 local authorities based on price data for annual growth.

Across the South East, property prices are high compared to those across the UK, where the average cost is £288,000.

Winchester City Council's cabinet member for housing, Councillor Chris Westwood, said: “Winchester has high costs for buying a home despite the recent drop in price, and young people and families often struggle to find suitable accommodation they can afford. Higher mortgage and living costs are only adding to that difficulty.  

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“We are focused on providing homes for all in the Winchester district – homes that are affordable, sustainable, with low energy usage and low bills, and built in the right areas for our changing communities.”

First-time buyers in Winchester spent an average of £376,000 on their property – £18,000 more than a year ago, and £65,000 more than in June 2018.

By comparison, former owner-occupiers paid £581,000 on average in June – 54.4 per cent more than first-time buyers.

Owners of detached houses saw the biggest fall in property prices in Winchester in June – they dropped 2.2 per cent, to £833,691 on average. But over the last year, prices rose by 5.2 per cent.