Newham house prices increased in June
House prices increased by 1.1% in Newham in June, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 2.2% annual growth.
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Hide AdThe average Newham house price in June was £388,708.0929, Land Registry figures show – a 1.1% increase on May.
Over the month, the picture was less good than that across London, where prices increased 2.5322733%, and Newham underperformed compared to the 4.4989563% rise for the UK as a whole.
Over the last year, the average sale price of property in Newham rose by £8,400 – putting the area 27th among London’s 33 local authorities for annual growth.
The best annual growth in the region was in Harrow, where property prices increased on average by 16.7%, to £522,000. At the other end of the scale, properties in City of London lost 13.2% of their value, giving an average price of £756,000.
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Hide AdWinners and Losers
Owners of terraced houses saw the biggest improvement in property prices in Newham in June – they increased 1.4%, to £421,954.3824 on average. Over the last year, prices rose by 3.7%.
Among other types of property:
Detached: up 1.1% monthly; up 1.8% annually; £680,585.7462 averageSemi-detached: up 1.1% monthly; up 2.1% annually; £548,034.2408 averageFlats: up 0.9% monthly; up 1.5% annually; £364,288.9634 average
First steps on the property ladder
First-time buyers in Newham spent an average of £378,900 on their property – £7,900 more than a year ago, and £35,000 more than in June 2016.
By comparison, former owner-occupiers paid £399,200 on average in June – 5.4% more than first-time buyers.
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Hide AdHow do property prices in Newham compare?
Buyers paid 23.8% less than the average price in London (£510,000) in June for a property in Newham. Across London, property prices are high compared to those across the UK, where the average cost £266,000.
The most expensive properties in London were in Kensington and Chelsea – £1.2 million on average, and 3.2 times as much as in Newham. Kensington and Chelsea properties cost 3.9 times as much as homes in Barking and Dagenham (£319,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average June sale price of £1.2 million could buy 13 properties in Burnley (average £99,000).
Factfile
Average property price in June
Newham: £388,708.0929London:£510,298.6011UK: £265,668.1787
Annual growth to June
Newham: +2.2%London: +6.3%UK: +13.2%
Best and worst annual growth in London
Harrow: +16.7%City of London: -13.2%