Brent house prices dropped in July

General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.

House prices dropped by 2.8% in Brent in July, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 4.9% annual decline.

The average Brent house price in July was £523,184, Land Registry figures show – a 2.8% decrease on June.

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

Over the last year, the average sale price of property in Brent fell by £27,000 – putting the area 32nd 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 Brent spent an average of £439,200 on their property – £22,200 less than a year ago, but £9,200 more than in July 2018.

By comparison, former owner-occupiers paid £619,000 on average in July – 40.9% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in Brent in July – they dropped 3% in price, to £405,088 on average. Over the last year, prices dropped by 4.2%.

Among other types of property:

Detached: down 2.6% monthly; down 5.3% annually; £1,217,124 average
Semi-detached: down 2.7% monthly; down 5.6% annually; £789,165 average
Terraced: down 2.5% monthly; down 5.6% annually; £661,363 average

How do property prices in Brent compare?

Buyers paid 2.1% less than the average price in London (£534,000) in July for a property in Brent. Across London, property prices are high compared to those across the UK, where the average cost is £290,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 2.6 times the price as in Brent. Kensington and Chelsea properties cost 3.9 times the price as homes in Barking and Dagenham (£343,000 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 July

Brent: £523,184
London:£534,265
UK: £289,824

Annual change to July

Brent: -4.9%
London: -0.8%
UK: +0.6%

Highest and lowest annual growth in London

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