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South East England Property Market 2016

Story Highlights

  • South East England had total property sales of £62 Billions in 2016
  • Total Sales By county was maximum in Surrey at £10.73 Billions
  • The total number of properties sold in 2016 was 164,115 properties
  • The average sales price in South East England was £377 K, whereas median was £291 K
  • The average sales price in South East England at County level was maximum for Surrey at £527 K 
  • New Property sales were 8.37% by value, whereas Not New Property contributed 91.63%
  • Stamp duty hike caused monthly spike in March
  • Brexit coupled with Stamp Duty Hike arrested the sharp growth in South East England property market in 2016, there was modest growth of 1.63%

 

South East is one of the 9 principal areas of England. South East England counties are Berkshire, Buckinghamshire, Milton Keynes, East Sussex, Brighton & Hove,Hampshire, Southampton, Portsmouth, Isle Of Wight, Kent, Medway, Oxfordshire, Surrey, West Sussex.  It is the most populous of the nine regions of England.

 

Total Sales By County
South East - Total Sales By County

South East England had total property sales of £62 Billions. It contributed 20.82% of the England and Wales Property Market 2016

 County wise split of South East England property market 2016 was :

 

Year on Year Comparison : Compared to South East England Property Market 2015 in 2016

 

 

Total Value of Sales By Property Types
South East England - Total Value of Sales By Property Types

The split of £62 Billions across the different property types was

  • Detached at £22.2 Billions (%)
  • Terraced at £12.61 Billions (%)
  • Semi-Detached at £12.36 Billions (%)   
  • Flat/Maisonette at £8.54 Billions (%)
  • Other at £6.18 billions (%)

Year on Year Comparison : Compared to South East England Property Market 2015 in 2016

  • All the property types sales have shown growth except Detached

 

 

Month-wise Break-up of Total Sales
South East England - Month-wise Break-up of Total Sales

Some of the insights based on the £62 Billions month-wise break-down :

Stamp Duty Hike Impact

  • March had property sale spike of £8.29 billions compared to £4.41 billions in Feb
  • The impetus for it was to avoid the extra 3% in Stamp Duty Tax applicable on buying an additional home, being applicable from April 1 2016

Brexit Impact

  • Brexit took place on 23rd June 2016.
  • As can be observed from the month-wise break-up there does not seem to have been dip in property sales in the immediate aftermath of Brexit 
  • Year on Year growth has been 1.63%
  • So Brexit has cooled the sharp growth in property market witnessed over the last couple of years

 

 

Total Number of Sales By Property Types
South East England - Total Number of Sales By Property Types

The total property sales of £62 Billions in 2016 was spread over 164,115 properties.

  • Terraced properties at 43,039 (26.22%)
  • Detached at  39,578 (24.12%)
  • Semi-Detached at 36,624 (22.32%)  
  • Flat/Maisonette at 39,470 (24.05%)
  • Others at 5,404 (3.29%)

Year on Year Comparison : Compared to Compared to South East England Property Market 2015 in 2016

  • Total number of property sales in 2016 has decreased by  5.77%.
  • All property types have shown decline in number of properties sold except property type Other.
  • Other has shown significant increase  of 98% 

 

 

Average & Median Sales Price 
South East England - Average & Median Sales Price

The average sales price in South East was £377 K. For the different property types it was

  • Detached at £561 K
  • Semi-Detached at £344 K
  • Terraced at £287 K
  • Flat/Maisonette at £216 K
  • Other it is at £1.14 million.

Similarly median sales price in South East was £291 K. For different property types it was

  • Detached at £468 K
  • Semi-Detached at £315 K
  • Terraced at £260 K
  • Flat/Maisonette at £195 K
  • Other it is at £325 K

Year on Year Comparison : Compared to South East England Property Market 2015 in 2016

  • The average and median property prices have gone up except for property type Other
  • Other has had decline in average and median property price

 

 

Average & Median Sales Price By County
South East England - Average Sales Price By County

The average sales price in South East in 2016 is as above.

 

South East England - Median Sales Price By County

 

Year on Year Comparison : Compared to South East England Property Market 2015 in 2016

  • The average and median sales price across all the counties have gone up

 

 

New Vs Not New Property Statistics
South East England - New Vs Not New Property Statistics

 

By Value Of Sales

  • The sales value contributed by New Property was £5.18 billions (8.37%)
  • where as Not New Property contribute £56.72 billions ( 91.63%)

By Number Of Sales

  • New properties sold were 14,814 (9.03%)
  • where as Not New Property sold were 149,301 (90.97%)

Year on Year Comparison : Compared to England and Wales Property Market 2015 in 2016

  • New property market share in property market has gone down in 2016 over 2015

 

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