Havering house prices dropped slightly in February
House prices dropped slightly, by 0.1%, in Havering in February, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 7.3% annual growth.
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Hide AdThe average Havering house price in February was £434,923, Land Registry figures show – a 0.1% decrease on January.
Over the month, the picture was better than that across London, where prices decreased 1.1%, and Havering outperformed the 1% drop for the UK as a whole.
Over the last year, the average sale price of property in Havering rose by £30,000 – putting the area sixth among London’s 33 local authorities with price data for annual growth.
The best annual growth in the region was in City of London, where property prices increased on average by 13.4%, to £961,000. At the other end of the scale, properties in Westminster lost 8.8% of their value, giving an average price of £968,000.
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Hide AdWinners and Losers
Owners of terraced houses fared worst in Havering in February – they dropped 0.4% in price, to £416,503 on average. But over the last year, prices rose by 7.9%.
Among other types of property:
- Detached: up 0.2% monthly; up 7.2% annually; £853,350 average
- Semi-detached: down 0.1% monthly; up 7.3% annually; £533,724 average
- Flats: up 0.1% monthly; up 6.4% annually; £256,706 average
First steps on the property ladder
First-time buyers in Havering spent an average of £364,000 on their property – £25,000 more than a year ago, and £53,000 more than in February 2018.
By comparison, former owner-occupiers paid £503,000 on average in February – 38% more than first-time buyers.
How do property prices in Havering compare?
Buyers paid 18.3% less than the average price in London (£532,000) in February for a property in Havering. Across London, property prices are lower than those across the UK, where the average cost £288,000.
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Hide AdThe most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and three times as much as more than in Havering. Kensington and Chelsea properties cost 3.8 times as much as homes in Barking and Dagenham (£345,000 average), at the other end of the scale.
The highest property prices across the UK were in 160.
Factfile
Average property price in February
- Havering: £434,923
- London:£532,212
- UK: £287,506
Annual growth to February
- Havering: +7.3%
- London: +2.9%
- UK: +5.5%
Best and worst annual growth in London
- City of London: +13.4%
- Westminster: -8.8%