Croydon house prices dropped in April

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

House prices dropped by 1.9% in Croydon in April, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 0.2% annual decline.

The average Croydon house price in April was £410,686, Land Registry figures show – a 1.9% decrease on March.

Over the month, the picture was different to that across London, where prices increased 2.1%, and Croydon was lower than the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Croydon fell by £720 – putting the area 27th among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in Tower Hamlets, where property prices increased on average by 10%, to £511,000. At the other end of the scale, properties in Kensington and Chelsea lost 15.8% of their value, giving an average price of £1,276,000.

First steps on the property ladder

First-time buyers in Croydon spent an average of £341,410 on their property – £900 less than a year ago, but £28,740 more than in April 2018.

By comparison, former owner-occupiers paid £495,430 on average in April – 45.1% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in Croydon in April – they dropped 2.3% in price, to £409,777 on average. Over the last year, prices dropped by 0.8%.

Among other types of property:

Detached: down 2% monthly; down 0.1% annually; £896,178 average
Semi-detached: down 1.9% monthly; up 0.1% annually; £570,703 average
Flats: down 1.6% monthly; up 0% annually; £282,105 average

How do property prices in Croydon compare?

Buyers paid 23% less than the average price in London (£534,000) in April for a property in Croydon. 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 – £1.3 million on average, and 3.1 times the price as in Croydon. Kensington and Chelsea properties cost 3.6 times the price as homes in Barking and Dagenham (£351,000 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 April

Croydon: £410,686
London:£533,687
UK: £286,489

Annual change to April

Croydon: -0.2%
London: +2.4%
UK: +3.5%

Highest and lowest annual growth in London

Tower Hamlets: +10%
Kensington and Chelsea: -15.8%