Westminster house prices leapt 10.3% in August

House prices leapt by 10.3% in Westminster in August, new figures show.

House prices leapt by 10.3% in Westminster in August, new figures show.

The significant boost contributes to the longer-term trend, which has seen property prices in the area achieve 2.5% annual growth.

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The average Westminster house price in August was £1,000,516, Land Registry figures show – a 10.3% increase on July.

Over the month, the picture was better than that across London, excluding the City of London, where prices increased 5.6%, and Westminster outperformed the 2.9% rise for the UK as a whole.

Over the last year, the average sale price of property in Westminster rose by £24,000 – putting the area 29th among London’s 33 local authorities for annual growth.

The best annual growth in the region was in Tower Hamlets, where property prices increased on average by 20.5%, to £555,876.

Winners and Losers

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Owners of detached houses saw the biggest improvement in property prices in Westminster in August – they increased 14.5%, to £2,964,533 on average. Over the last year, prices rose by 6.7%.

Among other types of property:

Semi-detached: up 11.9% monthly; up 6.1% annually; £2,576,085 averageTerraced: up 11% monthly; up 4.2% annually; £1,690,943 averageFlats: up 10.1% monthly; up 2.2% annually; £937,654 average

First steps on the property ladder

First-time buyers in Westminster spent an average of £907,800 on their property – £21,300 more than a year ago, and £7,800 more than in August 2016.

By comparison, former owner-occupiers paid £1,086,000 on average in August – 19.6% more than first-time buyers.

How do property prices in Westminster compare?

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Buyers paid 90.3% more than the average price in London (£526,000) in August for a property in Westminster. Across London, property prices are high compared to those across the UK, where the average cost £264,000.

The most expensive properties in London were in Kensington and Chelsea – £1.5 million on average.

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

Factfile

Average property price in August

Westminster: £1,000,516London:£525,893UK: £264,244

Annual growth to August

Westminster: +2.5%London: +7.5%UK: +10.6%

Best annual growth in London

Tower Hamlets: +20.5%