House prices dropped slightly, by 0.4%, in Woking in November, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 13.9% over the last year.

The average Woking house price in November was £506,971, Land Registry figures show – a 0.4% decrease on October.

Over the month, the picture was similar to that across the South East, where prices decreased 0.5%, but Woking was lower than the 0.3% drop for the UK as a whole.

Over the last year, the average sale price of property in Woking rose by £62,000 – putting the area sixth among the South East’s 64 local authorities with price data for annual growth.

The highest annual growth in the region was in Rother, where property prices increased on average by 16.6%, to £395,000. At the other end of the scale, properties in South Oxfordshire gained 4.1% in value, giving an average price of £530,000.

The average UK house price edged down to £295,000 in November 2022, from the previous month's record high of £296,000.

Property prices increased by 10.3% in the year to November, slowing from 12.4% in October.

Nathan Emerson, CEO of Propertymark, which represents estate agents, said: "In November, our agents reported a market that was on the cusp of seeing purchasing power handed back to buyers which was a trend we hadn’t seen in months."

And Roger Evans, director of home finance distribution at Gatehouse Bank, said: “The property market is slowly becoming more favourable for buyers in some areas as rates stabilise a little following the turbulence of 2022.”

First steps on the property ladder

First-time buyers in Woking spent an average of £369,000 on their property – £45,000 more than a year ago, and £59,000 more than in November 2017.

By comparison, former owner-occupiers paid £627,000 on average in November – 69.8% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices Woking in November – they dropped 0.5% in price, to £1,073,276 on average. But over the last year, prices rose by 13.4%.

Among other types of property:

How do property prices in Woking compare?

Buyers paid 26% more than the average price in the South East (£402,000) in November for a property in Woking. Across the South East, property prices are high compared to those across the UK, where the average cost £295,000.

The most expensive properties in the South East were in Elmbridge – £740,000 on average, and 1.5 times as much as more than in Woking. Elmbridge properties cost 2.9 times as much as homes in Southampton (£252,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in November

Annual growth to November

Highest and lowest annual growth in the South East