Harrow house prices increased more than London average in June

House prices increased by 1% – more than the average for London – in Harrow in June, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 0.5% annual decline.

The average Harrow house price in June was £515,471, Land Registry figures show – a 1% increase on May.

Over the month, the picture was similar to that across London, where prices increased 0.5%, and Harrow was above the 0.7% rise for the UK as a whole.

Over the last year, the average sale price of property in Harrow fell by £2,500 – 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 22.5%, to £1 million. At the other end of the scale, properties in Kensington and Chelsea lost 11.2% of their value, giving an average price of £1.3 million.

First steps on the property ladder

First-time buyers in Harrow spent an average of £425,100 on their property – £2,100 less than a year ago, but £34,000 more than in June 2018.

By comparison, former owner-occupiers paid £587,200 on average in June – 38.1% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Harrow in June – they increased 1.2%, to £528,152 on average. Over the last year, prices dropped by 1.2%.

Among other types of property:

• Detached: up 0.5% monthly; down 1% annually; £1,251,407 average
• Semi-detached: up 0.9% monthly; down 0.5% annually; £665,865 average
• Flats: up 1.1% monthly; down 0% annually; £344,673 average

How do property prices in Harrow compare?

Buyers paid 2.4% less than the average price in London (£528,000) in June for a property in Harrow. Across London, property prices are high compared to those across the UK, where the average cost is £288,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 2.6 times the price as in Harrow. Kensington and Chelsea properties cost 3.9 times the price as homes in Barking and Dagenham (£347,000 average), at the other end of the scale.

Kensington and Chelsea also had the highest property prices of anywhere in the UK.

Factfile

Average property price in June

• Harrow: £515,471
• London:£527,979
• UK: £287,546

Annual change to June

• Harrow: -0.5%
• London: -0.6%
• UK: +1.7%

Highest and lowest annual growth in London

• City of London: +22.5%
• Kensington and Chelsea: -11.2%