Greenwich house prices dropped more than London average in May
House prices dropped by 3.8% – more than the average for London – in Greenwich in May, new figures show.
The drop maintains the longer-term trend, which has seen property prices in the area remain level.
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Hide AdThe average Greenwich house price in May was £419,857, Land Registry figures show – a 3.8% decrease on April.
Over the month, the picture was different to that across London, where prices decreased 1.2%, and Greenwich was lower than the UK as a whole, where prices did not change.
Over the last year, the average sale price of property in Greenwich fell by £14 – putting the area 25th among London’s 33 local authorities with price data for annual growth.
The highest annual growth in the region was in City of London, where property prices increased on average by 24.1%, to £988,000. At the other end of the scale, properties in Kensington and Chelsea lost 13.4% of their value, giving an average price of £1,314,000.
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Hide AdFirst steps on the property ladder
First-time buyers in Greenwich spent an average of £375,070 on their property – £950 more than a year ago, and £26,930 more than in May 2018.
By comparison, former owner-occupiers paid £489,060 on average in May – 30.4% more than first-time buyers.
Property types
Owners of detached houses saw the biggest fall in property prices in Greenwich in May – they dropped 4.3% in price, to £907,467 on average. Over the last year, prices dropped by 2%.
Among other types of property:
How do property prices in Greenwich compare?
Buyers paid 20.1% less than the average price in London (£526,000) in May for a property in Greenwich. Across London, property prices are high compared to those across the UK, where the average cost is £286,000.
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Hide AdThe most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 3.1 times the price as in Greenwich. Kensington and Chelsea properties cost 3.7 times the price as homes in Barking and Dagenham (£356,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Factfile
Average property price in May
- Greenwich: £419,857
- London:£525,629
- UK: £285,861
Annual change to May
- Greenwich: 0%
- London: +0.8%
- UK: +1.9%
Highest and lowest annual growth in London
- City of London: +24.1%
- Kensington and Chelsea: -13.4%