Brent house prices dropped slightly in June

House prices dropped slightly, by 1%, in Brent in June, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 2.6% over the last year.

The average Brent house price in June was £528,087, Land Registry figures show – a 1% decrease on May.

Over the month, the picture was different to that across London, where prices increased 1.9%, and Brent was lower than the 1% rise for the UK as a whole.

Over the last year, the average sale price of property in Brent rose by £13,000 – putting the area 31st among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in Kensington and Chelsea, where property prices increased on average by 12.2%, to £1,362,000. At the other end of the scale, properties in Camden gained 1.9% in value, giving an average price of £830,000.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

But activity is starting to slow, with soaring inflation putting household budgets under pressure.

First steps on the property ladder

First-time buyers in Brent spent an average of £444,900 on their property – £8,700 more than a year ago, and £22,400 more than in June 2017.

By comparison, former owner-occupiers paid £622,400 on average in June – 39.9% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices Brent in June – they dropped 1.6% in price, to £1,220,230 on average. But over the last year, prices rose by 5%.

Among other types of property:

Semi-detached: down 1.1% monthly; up 4.8% annually; £795,206 averageTerraced: down 0.7% monthly; up 3.7% annually; £667,768 averageFlats: down 1% monthly; up 1.2% annually; £409,503 average

How do property prices in Brent compare?

Buyers paid 1.8% less than the average price in London (£538,000) in June for a property in Brent. Across London, property prices are roughly the same as those across the UK, where the average cost £286,000.

The most expensive properties in London were in Kensington and Chelsea – £1.4 million on average, and 2.6 times as much as more than in Brent. Kensington and Chelsea properties cost four times as much as homes in Barking and Dagenham (£342,000 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 June

Brent: £528,087London:£537,920UK: £286,397

Annual growth to June

Brent: +2.6%London: +6.3%UK: +7.8%

Highest and lowest annual growth in London

Kensington and Chelsea: +12.2%Camden: +1.9%