Property Prices in Hampshire Steady Since March
(Last Updated: 20/11/2023)
13/11/2023
96
8 min read
Average Sale Price
£378,997
(August)
Price Growth
-0.7%
(YoY to August)
Best Growth YoY
Hart & Southampton
(1.7% & 1.5%)
Least Growth YoY
Eastleigh & Gosport
(-2.9% & -2.4%)
Key Takeaways
- Property prices in Hampshire have been steady since March
- Hampshire fared better than other parts of the South against the price fall in the first half of this year
- The latest average price (August) was just over £5,000 below the regional peak in September last year
- Slowest June for property sales in Hampshire since records began
- Hampshire's price growth for the year to August was down at -0.7% versus the average for the UK which saw 0.2% growth
- Worst June for property sales in Hampshire
- Are house prices dropping in Hampshire?
- Do you need conveyancing services for Hampshire property?
- Eastleigh and Fareham housing markets most active
- Where is the cheapest place to live in Hampshire?
- What is the poshest part of Hampshire?
- Winchester bucks the trend
- What's next for Hampshire?
- Should I buy a house in Hampshire?
- FAQs
The property market everywhere has been affected by inflation and the higher cost of borrowing following the Bank of England's base rate. Last month, the BoE base rate stayed at 5.25% and is unlikely to fall until inflation returns to more comfortable levels. We do not expect to see a return to the incredibly low rates we've become accustomed to over the past 15 years.
Source: Office for National Statistics (ONS)
Will there be a UK recession in 2024?
"The Quarterly Economic Forecast (QEF), expects the UK economy to grow by 1.1% for 2024, with the projection for 2025 remaining at 1.0%. The economy is expected to grow by 1.1% in 2026, a minor upward revision." - Source: British Chambers of Commerce (BCC)
This, however, is well below the pre-pandemic average. NEISR estimate that Britain's poorest households will not recover fully until 2027.
Worst June for property sales in Hampshire since records began
June's is the latest data for property sales published by the Land Registry. This follows the worst May since records began, excluding 2020 when national lockdown brought the market to a near standstill. We're yet to see how sales are picking up now we're into the final quarter of the year, but anecdotally, we've seen client queries rise through November so far. The rising interest rate put those buying with a mortgage off, knowing they couldn't afford for their monthly payments to go up relentlessly. The steadying of the interest rate has inspired more confidence in buyers and lenders alike. We expect to see more market mobility as the current data is released.Source: House Price Index (HPI)
Are house prices dropping in Hampshire?
House prices in Hampshire for August were 0.7% lower than they were in the same month last year. However, it is important to look at this figure in context. August 2022 was almost the peak of a very sharp rise which brought Hampshire property higher than ever by October. Whilst house prices dropped in quarter one, the most recent figure of £378,997 is still higher than we'd ever seen in the region up until the middle of last year. Average prices have fluctuated very little, by around £2,000 up and down since March.Source: House Price Index (HPI)
Hampshire's growth fell behind the national average, but as you can see, the nation saw a more severe dip in the first half of this year and so, has further to recover. Average prices in Hampshire remain higher than average prices across England & Wales and have been stable since March.
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Eastleigh and Fareham housing markets most active compared to the same month last year
Property sales for Eastleigh this year were just 9% down on last year which is a big deal, considering property sales across the country had almost halved back in May. Eastleigh is closely followed by Fareham, where sales volume was 10% lower than last year. Rushmoor's property sales were down by a whopping 68% and Winchester's down by 51%.Source: House Price Index (HPI)
Where is the cheapest place to live in Hampshire?
The average house price in Southampton is £249,476, closely followed by Portsmouth (£253,407) and Gosport (£253,540), bringing all three well under the average for England and Wales and £125,457 to £130,946 below the average for Hampshire. The cheapest home currently listed online in Hampshire is a leasehold retirement apartment at just £20,000.Source: House Price Index (HPI)
What is the poshest part of Hampshire?
Winchester and Hart remain the most expensive districts, with large luxury homes in Winchester fetching 2 to 5 million pounds and tipping the average. Beaulieu in the New Forest was named 'poshest village'. Historic mansions in the New Forest list for upwards of 7 million.Source: House Price Index (HPI)
Winchester bucks the trend
Average prices in Winchester, interestingly, continued to rise while other districts fell in the first quarter of this year and peaked over May-July. It has now fallen, but is still higher than it was toward the end of last year when property prices across the rest of Hampshire were peaking.Source: House Price Index (HPI)
What's next for Hampshire?
The Hampshire county council published a new economic strategy in January this year. The plan considers short term drivers of change (recovering job market, post covid, and diminished export pattern, post-Brexit) and long term drivers (ageing population and falling working population due to absence of in-migration, projected growth of IT & construction sectors, and climate change, which poses a flood-risk).They have adopted a 'six-capitals approach' focusing not just on Gross Value Added (GVA) and jobs, but on physical capital, natural capital, human capital, knowledge capital, social capital and institutional capital. The main objectives for growth and development in Hampshire include:
- Increase exporting activity and raising the UK’s international competitiveness.
- Work with businesses to lead proactive action to achieve net zero.
- Maximise the pull of high streets and town centres through regeneration, revitalising shared spaces, supporting leisure and hospitality activity, and opportunities for business and workspaces.
- Boost growth through innovation and develop new assets.
- Stay nationally and globally competitive, and support growth across the UK.
- Offer a range of opportunities for young people to learn and pursue a fulfilling career, with the right placemaking initiatives, affordable housing, and access to skills provision and employment support for every community.
- Return productivity growth to pre-2008 trends, increasing output, a strong business rates base, and net contribution to the Exchequer and increase levels of economic prosperity across Hampshire.
- Move Government functions and decisions down to Hampshire, and as part of this, partnership working with District Councils and communities on regeneration, with a County Deal as part of devolution based on the Government’s Levelling Up White Paper
With these objectives in place and devolved powers and funding, Hampshire is set to become an increasingly resilient and productive county, making it a desirable place to live, work and develop in.
Should I buy a house in Hampshire?
Hampshire is well connected, close to the capital and hosting two major ports. A country escape with sandy beaches and the New Forest national park, 'one of the largest remaining tracts of unenclosed pasture land, heathland and forest in Southern England'.While the Hampshire property market isn't seeing growth at the moment, it has been more stable over the summer than other regions and semi-detached properties in particular have held their value over the past year.
Lenders have cut fixed rate deals, expecting the Prime Minister to announce that the government have met a pledge to halve inflation, which should mean the BoE can bring the base rate down. This will bring more mobility to the market, so now may be an excellent time to buy a home in Hampshire, before prices rise again.
Andrew Boast FMAAT MIC
CEO and Author | SAM Conveyancing
I expect to see an incentive in the Autumn Budget to stimulate the housing market. With asking prices continually over the recently sold house prices, I see a market that has a great opportunity for buyers to negotiate harder and get a more realistic value in this current market.
Sources: Latest data from - Gov.UK, Bank of England, UK House Price Index, ONS and Property Mark (NAEA).
Written by:
Caragh Bailey
Caragh is an excellent writer and copy editor of books, news articles and editorials. She has written extensively for SAM for a variety of conveyancing, survey, property law and mortgage-related articles.
Reviewed by:
Andrew Boast
Andrew started his career in 2000 working within conveyancing solicitor firms and grew hands-on knowledge of a wide variety of conveyancing challenges and solutions. After helping in excess of 50,000 clients in his career, he uses all this experience within his article writing for SAM, mainstream media and his self published book How to Buy a House Without Killing Anyone.
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