Westminster house prices increased slightly in June

House prices increased slightly, by 0.8%, in Westminster in June, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 10% over the last year.

The average Westminster house price in June was £944,441, Land Registry figures show – a 0.8% increase on May.

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

Over the last year, the average sale price of property in Westminster rose by £86,000 – putting the area fifth 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 Westminster spent an average of £855,000 on their property – £75,000 more than a year ago, but £138,000 less than in June 2017.

By comparison, former owner-occupiers paid £1,029,000 on average in June – 20.3% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Westminster in June – they increased 1%, to £1,681,125 on average. Over the last year, prices rose by 13.6%.

Among other types of property:

Detached: down 1.3% monthly; up 16.4% annually; £2,960,352 averageSemi-detached: up 0.5% monthly; up 16% annually; £2,535,098 averageFlats: up 0.8% monthly; up 9.4% annually; £878,145 average

How do property prices in Westminster compare?

Buyers paid 75.6% more than the average price in London (£538,000) in June for a property in Westminster. Across London, property prices are high compared to 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 1.4 times as much as more than in Westminster. 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

Westminster: £944,441London:£537,920UK: £286,397

Annual growth to June

Westminster: +10%London: +6.3%UK: +7.8%

Highest and lowest annual growth in London

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