HOUSE prices increased by 1.2 per cent in Braintree in June, new figures show.

The average Braintree house price in June was £305,719.8249, Land Registry figures show, an increase on May.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 7.2% annual growth.

Over the last year, the average sale price of property in Braintree rose by £20,000 – putting the area 36th among the East of England’s 50 local authorities for annual growth.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in Braintree in June – they increased 1.3%, to £517,083.8506 on average. Over the last year, prices rose by 8.7%.

Among other types of property:

  • Semi-detached: up 1.1 per cent monthly; up 6.7 per cent annually; £314,584 average
  • Terraced: up 1.2 per cent monthly; up 6.9 per cent annually; £262,160 average
  • Flats: up 1.2 per cent monthly; up 5 per cent annually; £168,862 average

First steps on the property ladder

First-time buyers in Braintree spent an average of £254,000 on their property – £16,000 more than a year ago, and £39,000 more than in June 2016.

By comparison, former owner-occupiers paid £346,000 on average in June – 36.3 per cent more than first-time buyers.

Buyers paid 6.5 per cent less than the average price in the East of England (£327,000) in June for a property in Braintree.

Across the East of England, property prices are higher than those across the UK, where the average cost £266,000.

Factfile

Average property price in June

  • Braintree: £305,719.8249
  • The East of England: £327,016.5045
  • UK: £265,668.1787

Annual growth to June

  • Braintree: +7.2%
  • The East of England: +12.1%
  • UK: +13.2%