House prices crashed by just over six per cent in the Maldon district in October, latest figures show.

The large drop contributes to the longer-term trend, which has seen property prices in the area suffer a 0.7 per cent annual decline.

The average house price in the district on October was £406,506, Land Registry figures show – a 6.1 per cent fall on September.

Over the last year, the average sale price of property in Maldon fell by £2,800.

First-time buyers in Maldon spent an average of £307,200 on their property – £2,800 less than a year ago, but £55,000 more than in October 2018.

Owners of flats saw the biggest fall in property prices in October – they dropped 6.6 per cent to £168,832 on average. Over the last year, prices dropped by 2.7 per cent.

Among other types of property

  • Detached: down six per cent monthly and down 0.1 per cent annually to £600,811 on average.
  • Semi-detached: down six per cent monthly and 0.3 per cent annually to £370,109.
  • Terraced: down 6.3 per cent monthly and 1.4 per cent annually to £274,833.

Buyers in the Maldon district paid 16.6 per cent more than the average £349,000 in the East of England in October.

Across the East of England, property prices are high compared to the UK average of £288,000.

Factfile

Average property price in October

Maldon: £406,506

East of England: £348,615

UK: £287,782

Annual change to October

Maldon: -0.7%

East of England: -2.3%

UK: -1.2%

Highest and lowest annual growth in the East of England

East Cambridgeshire: +4.1%

Broxbourne: -7.7%