Halifax has reported house prices in the South East falling by 2.3% in Q4 2007, after rising by 9.6% in the first nine months of 2007.
However, Halifax added that the fall in prices in the South East last quarter needs to be seen in the context of the strong rise in house prices over the long term. Over the past decade house prices in the South East have risen by 175%.

Winchester recorded the biggest rise in price in the region over the past year with a 38% increase, followed by Billericay (35%) and Ryde (30%). Henley on Thames was the most expensive town in the region. The town now boasts an average house price of £642,672.

At £258,530 the average house price in the South East is 31% above the UK average of £197,071.

Guy Ogden, Regional Manager, Halifax Estate Agency, comments:”The housing market in the South East has slowed. After rising by 9.6% in the first nine months of 2007, house prices in the region fell by 2.3% over the last quarter.

Due to the strong house price growth earlier in the year, the average house price in the region still increased by 7.0% over the past 12 months, above the UK average increase of 5.2%.

The fall in prices in the South East last quarter needs to be seen in the context of the strong rise in house prices over the long term. Over the past decade house prices in the South East have risen by 175%.

The average house price in the South East now stands at £258,530, 31% above the UK average of £197,071. At a regional level, only Greater London (£300,318) has a greater average house price.

Over the last year, the town experiencing the strongest house price growth in the South East was Winchester at 38%, closely followed by Billericay (35%) and Ryde (30%).

The most expensive town in the region is Henley on Thames, with an average house price of £642,672. In the South East, seven towns now have an average house price greater than £500,000. The typical home buyer in Henley on Thames, and indeed all seven towns, is paying a 4% rate of stamp duty.

The most affordable town in the area is Gosport, which has an average house price of £143,028.”