Redbridge house prices dropped more than London average in May
House prices dropped by 1.3% – more than the average for London – in Redbridge in May, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 0.5% over the last year.
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Hide AdThe average Redbridge house price in May was £460,849, Land Registry figures show – a 1.3% decrease on April.
Over the month, the picture was similar to that across London, where prices decreased 1.2%, and Redbridge was lower than the UK as a whole, where prices did not change.
Over the last year, the average sale price of property in Redbridge rose by £2,100 – putting the area 23rd 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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First-time buyers in Redbridge spent an average of £392,060 on their property – £890 more than a year ago, and £34,270 more than in May 2018.
By comparison, former owner-occupiers paid £521,080 on average in May – 32.9% more than first-time buyers.
Property types
Owners of semi-detached houses saw the biggest fall in property prices in Redbridge in May – they dropped 1.7% in price, to £652,648 on average. But over the last year, prices rose by 0.5%.
Among other types of property:
- Detached: down 1.2% monthly; up 1.1% annually; £1,019,375 average
- Terraced: down 1.2% monthly; up 0.3% annually; £496,255 average
- Flats: down 1.2% monthly; up 0.1% annually; £302,583 average
How do property prices in Redbridge compare?
Buyers paid 12.3% less than the average price in London (£526,000) in May for a property in Redbridge. 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 2.9 times the price as in Redbridge. 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
- Redbridge: £460,849
- London:£525,629
- UK: £285,861
Annual growth to May
- Redbridge: +0.5%
- London: +0.8%
- UK: +1.9%
Highest and lowest annual growth in London
- City of London: +24.1%
- Kensington and Chelsea: -13.4%