Croydon house prices increased slightly in July

House prices increased slightly, by 0.9%, in Croydon in July, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 0.8% annual decline.

The average Croydon house price in July was £415,491, Land Registry figures show – a 0.9% increase on June.

Over the month, the picture was similar to that across London, where prices increased 1.1%, but Croydon was above the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Croydon fell by £3,200 – putting the area 22nd 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 5%, to £905,000. At the other end of the scale, properties in Kensington and Chelsea lost 10.8% of their value, giving an average price of £1,345,000.

First steps on the property ladder

First-time buyers in Croydon spent an average of £345,400 on their property – £2,900 less than a year ago, but £28,500 more than in July 2018.

By comparison, former owner-occupiers paid £501,100 on average in July – 45.1% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Croydon in July – they increased 1.2%, to £417,049 on average. Over the last year, prices dropped by 1.6%.

Among other types of property:

• Detached: up 1% monthly; down 0.5% annually; £902,049 average
• Semi-detached: up 1% monthly; down 0.9% annually; £575,700 average
• Flats: up 0.6% monthly; down 0.1% annually; £284,834 average

How do property prices in Croydon compare?

Buyers paid 22.2% less than the average price in London (£534,000) in July for a property in Croydon. Across London, property prices are high compared to those across the UK, where the average cost is £290,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 3.2 times the price as in Croydon. Kensington and Chelsea properties cost 3.9 times the price as homes in Barking and Dagenham (£343,000 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 July

• Croydon: £415,491
• London:£534,265
• UK: £289,824

Annual change to July

• Croydon: -0.8%
• London: -0.8%
• UK: +0.6%

Highest and lowest annual growth in London

• City of London: +5%
• Kensington and Chelsea: -10.8%