Croydon house prices dropped slightly in December

House prices dropped slightly, by 0.5%, in Croydon in December, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 6.3% over the last year.

The average Croydon house price in December was £430,256, Land Registry figures show – a 0.5% decrease on November.

Over the month, the picture was similar to that across London, where prices remained static, and Croydon was lower than the 0.4% drop for the UK as a whole.

Over the last year, the average sale price of property in Croydon rose by £25,000 – putting the area 21st 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 20.8%, to £968,000. At the other end of the scale, properties in Westminster lost 13.4% of their value, giving an average price of £910,000.

The average UK house price was £294,000 in December 2022, which was £26,000 higher than 12 months earlier.

It meant prices increased by 9.8% annually in December, slowing from 10.6% annual growth in November, according to the Office for National Statistics.

First steps on the property ladder

First-time buyers in Croydon spent an average of £359,000 on their property – £22,000 more than a year ago, and £41,000 more than in December 2017.

By comparison, former owner-occupiers paid £518,000 on average in December – 44.4% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest fall in property prices Croydon in December – they dropped 0.6% in price, to £595,254 on average. But over the last year, prices rose by 6.5%.

Among other types of property:

Detached: down 0.6% monthly; up 5.2% annually; £933,281 averageTerraced: down 0.6% monthly; up 7.8% annually; £434,390 averageFlats: down 0.1% monthly; up 4.9% annually; £294,269 average

How do property prices in Croydon compare?

Buyers paid 20.8% less than the average price in London (£543,000) in December for a property in Croydon. Across London, property prices are low compared to those across the UK, where the average cost £294,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and three times as much as more than in Croydon. Kensington and Chelsea properties cost 3.5 times as much as homes in Barking and Dagenham (£362,000 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 December

Croydon: £430,256London:£543,099UK: £294,329

Annual growth to December

Croydon: +6.3%London: +6.7%UK: +9.8%

Highest and lowest annual growth in London

City of London: +20.8%Westminster: -13.4%