Greenwich house prices dropped in April

House prices dropped by 2.1% in Greenwich in April, 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 Greenwich house price in April was £436,789, Land Registry figures show – a 2.1% decrease on March.

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

Over the last year, the average sale price of property in Greenwich rose by £26,000 – putting the area sixth 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 Greenwich spent an average of £390,000 on their property – £24,000 more than a year ago, and £45,000 more than in April 2018.

By comparison, former owner-occupiers paid £508,000 on average in April – 30.2% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in Greenwich in April – they dropped 2.7% in price, to £493,033 on average. But over the last year, prices rose by 4.6%.

Among other types of property:

• Detached: down 2.3% monthly; up 5.1% annually; £950,284 average
• Semi-detached: down 2.4% monthly; up 5.4% annually; £668,974 average
• Flats: down 1.6% monthly; up 7.9% annually; £366,878 average

How do property prices in Greenwich compare?

Buyers paid 18.2% less than the average price in London (£534,000) in April for a property in Greenwich. 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 2.9 times the price as in Greenwich. 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

• Greenwich: £436,789
• London:£533,687
• UK: £286,489

Annual growth to April

• Greenwich: +6.3%
• London: +2.4%
• UK: +3.5%

Highest and lowest annual growth in London

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