Barking and Dagenham house prices dropped in July

House prices dropped by 1.9% in Barking and Dagenham in July, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 1.2% annual decline.

The average Barking and Dagenham house price in July was £343,291, Land Registry figures show – a 1.9% decrease on June.

Over the month, the picture was different to that across London, where prices increased 1.1%, and Barking and Dagenham was lower than the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Barking and Dagenham fell by £4,100 – putting the area 26th 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 5%, to £905,000. At the other end of the scale, properties in Kensington and Chelsea lost 10.8% of their value, giving an average price of £1,345,000.

First steps on the property ladder

First-time buyers in Barking and Dagenham spent an average of £324,500 on their property – £3,500 less than a year ago, but £44,900 more than in July 2018.

By comparison, former owner-occupiers paid £373,500 on average in July – 15.1% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in Barking and Dagenham in July – they dropped 2.2% in price, to £250,213 on average. But over the last year, prices rose by 0.4%.

Among other types of property:

• Detached: down 2.1% monthly; down 1.7% annually; £638,684 average
• Semi-detached: down 2.1% monthly; down 1.4% annually; £447,036 average
• Terraced: down 1.8% monthly; down 1.7% annually; £378,003 average

How do property prices in Barking and Dagenham compare?

Buyers paid less for properties in Barking and Dagenham than anywhere else in London in July. The average price paid in Kensington and Chelsea (£1.3 million), at the other end of the scale, would buy 3.9 homes in Barking and Dagenham.

The highest property prices across the UK were in Kensington and Chelsea.

Across London, property prices are high compared to those across the UK, where the average cost is £290,000.

Factfile

Average property price in July

• Barking and Dagenham: £343,291
• London:£534,265
• UK: £289,824

Annual change to July

• Barking and Dagenham: -1.2%
• London: -0.8%
• UK: +0.6%

Highest and lowest annual growth in London

• City of London: +5%
• Kensington and Chelsea: -10.8%