Greenwich house prices dropped more than London average in November
House prices dropped by 2.6% – more than the average for London – in Greenwich in November, new figures show.
The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 6.1% annual decline.
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Hide AdThe average Greenwich house price in November was £414,055, Land Registry figures show – a 2.6% decrease on October.
Over the month, the picture was similar to that across London, where prices decreased 2.2%, and Greenwich was lower than the 0.8% drop for the UK as a whole.
Over the last year, the average sale price of property in Greenwich fell by £27,000 – putting the area 25th among London’s 33 local authorities with price data for annual growth.
The highest annual growth in the region was in Richmond, where property prices increased on average by 4.2%, to £778,000. At the other end of the scale, properties in City of London lost 27.7% of their value, giving an average price of £727,000.
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Hide AdFirst steps on the property ladder
First-time buyers in Greenwich spent an average of £369,000 on their property – £24,000 less than a year ago, but £19,000 more than in November 2018.
By comparison, former owner-occupiers paid £485,000 on average in November – 31.5% more than first-time buyers.
Property types
Owners of semi-detached houses saw the biggest fall in property prices in Greenwich in November – they dropped 3.4% in price, to £630,660 on average. Over the last year, prices dropped by 7.7%.
Among other types of property:
- Detached: down 3.4% monthly; down 7.7% annually; £890,533 average
- Terraced: down 3.4% monthly; down 8.1% annually; £471,168 average
- Flats: down 1.6% monthly; down 4.1% annually; £346,176 average
How do property prices in Greenwich compare?
Buyers paid 18.1% less than the average price in London (£505,000) in November for a property in Greenwich. Across London, property prices are high compared to those across the UK, where the average cost is £285,000.
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Hide AdThe most expensive properties in London were in Kensington and Chelsea – £1.1 million on average, and 2.7 times the price as in Greenwich. Kensington and Chelsea properties cost 3.2 times the price as homes in Barking and Dagenham (£354,000 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 November
- Greenwich: £414,055
- London:£505,283
- UK: £284,950
Annual change to November
- Greenwich: -6.1%
- London: -6%
- UK: -2.1%
Highest and lowest annual growth in London
- Richmond: +4.2%
- City of London: -27.7%