Brent house prices increased more than London average in July
House prices increased by 3.3% – more than the average for London – in Brent in July, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 3.4% annual growth.
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Hide AdThe average Brent house price in July was £542,857, Land Registry figures show –a 3.3% increase on June.
Over the month, the picture was better than that across London, where prices increased 1.1%, and Brent outperformed the 2% rise for the UK as a whole.
Across the UK, the the average UK house price leapt by 15.5% in the year to July, marking the biggest increase in 19 years.
But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.
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Hide AdOver the last year, the average sale price of property in Brent rose by £18,000 – putting the area 29th among London’s 33 local authorities with price data for annual growth.
The best annual growth in the region was in Harrow, where property prices increased on average by 14%, to £547,000. At the other end of the scale, properties in City of London lost 11.5% of their value, giving an average price of £808,000.
Winners and Losers
Owners of terraced houses saw the biggest improvement in property prices in Brent in July – they increased 3.5%, to £688,929 on average. Over the last year, prices rose by 4.9%.
Among other types of property:
Detached: up 3% monthly; up 5.6% annually; £1,263,372 averageSemi-detached: up 3.1% monthly; up 5.5% annually; £818,891 averageFlats: up 3.2% monthly; up 2% annually; £420,073 average
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Hide AdFirst steps on the property ladder
First-time buyers in Brent spent an average of £457,000 on their property – £13,000 more than a year ago, and £36,000 more than in July 2017.
By comparison, former owner-occupiers paid £640,000 on average in July – 40.1% more than first-time buyers.
How do property prices in Brent compare?
Buyers paid roughly the same as the average price in London (£544,000) in July for a property in Brent. Across London, property prices are roughly the same as those across the UK, where the average cost £292,000.
The most expensive properties in London were in Kensington and Chelsea – £1.4 million on average, and 2.5 times as much as more than in Brent. Kensington and Chelsea properties cost 3.9 times as much as homes in Barking and Dagenham (£346,000 average), at the other end of the scale.
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Hide AdThe highest property prices across the UK were in Kensington and Chelsea.
Factfile
Average property price in July
Brent: £542,857London:£543,517UK: £292,118
Annual growth to July
Brent: +3.4%London: +9.2%UK: +15.5%
Best and worst annual growth in London
Harrow: +14%City of London: -11.5%