The analysis of Gov data conducted by Regency Living shows that the housing markets across both Surrey and Hampshire have largely underperformed when compared to the wider national picture.
Across the UK, the average house price has climbed by 2.2% over the last year, despite more muted market conditions caused by higher interest rates and the resulting reduction in buyer demand.
However, across Surrey, this annual rate of growth falls to 1.4%, with Hampshire house prices remaining largely over the last year, up by just 0.1%.
Of the 24 local authorities found across Surrey and Hampshire, 12 have seen a decline in the average house price - with Portsmouth seeing the largest dip at 5.8% annually. A further three - Gosport, Spelthorne and Woking - have seen annual rates of growth of 1% or less.
However, there are nine areas of Surrey and Hampshire that have seen more positive property market growth over the last year. Seven of these areas have outperformed the UK benchmark of 2.3% and it’s one area of Hampshire that tops the table.
The average house price in Winchester has increased by 5.1% over the last year, with Waverley in Surrey also seeing growth of 5%.
Both Runnymede (+31.%) and Elmbridge (+3%) have seen annual rates of growth of three per cent or more, with Surrey Heath (+2.9%), Basingstoke and Deane (+2.3%) and Tandridge (+2.3%) also outperforming the UK average.
One particular market segment benefitting from a buoyant housing market is Surrey and Hampshires’ silver downsizers.
Additional analysis by Regency Living shows that those aged 55 and over make up a third of the population across both counties (Surrey - 32%, Hampshire - 33.4%).
With the average downsizer releasing equity to the tune of 37%, those making a move to a smaller property are cashing in to the tune of £136,044 in Hampshire and £187,705 in Surrey, leaving them with a substantial pot to help them enjoy later life.
However, some silver downsizers are further maximising the equity they’ve generated within their bricks and mortar property by opting to move to a residential park home, such as xxxx in Hampshire, with the average price of a Hampshire park home coming in at just £136,995.
A Regency Living spokesperson commented:
“The over-50s form a considerable segment of the property market across both Surrey and Hampshire and have benefited greatly from the largely positive house price growth seen across both counties in recent years.
As a result, those looking to downsize are cashing in to the tune of hundreds of thousands of pounds, a sum which can substantially boost their pension pot and give them a firm financial foundation on which to enjoy later life.
Those who stand to benefit to the greatest extent are downsizers looking to the park home community when making their move and we’ve seen a growing number of over-50s opt for a residential park home in recent years.
The ability to release a huge amount of equity in their bricks and mortar home is, of course, one of the key draws of park home living. However, many make the move due to the ready made, close knit community that park home sites provide, which is a factor that becomes particularly important for those who have either lost their life partner, or have become somewhat secluded in more rural areas of Surrey and Hampshire.”
Want to know more about the benefits of the residential park home lifestyle?
Join the Regency Living team at Solent Grange for their open weekend on Saturday 12th and Sunday 13th October - New Lane, Milford-on-Sea, Lymington, Hampshire SO41 0UQ.
Meet the team, explore the development and ask any questions you may have.
Find out more: Solent Grange | Regency Living | Regency Living
Data tables and sources
