Greenwich house prices dropped slightly in October

House prices dropped slightly, by 0.7%, in Greenwich in October, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 3.4% annual decline.

The average Greenwich house price in October was £426,081, Land Registry figures show – a 0.7% decrease on September.

Over the month, the picture was different to that across London, where prices decreased 3.1%.

Over the last year, the average sale price of property in Greenwich fell by £15,000 – 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 Richmond, where property prices increased on average by 5.4%, to £806,000. At the other end of the scale, properties in Hammersmith and Fulham lost 9.9% of their value, giving an average price of £716,000.

First steps on the property ladder

First-time buyers in Greenwich spent an average of £380,000 on their property – £13,000 less than a year ago, but £23,000 more than in October 2018.

By comparison, former owner-occupiers paid £499,000 on average in October – 31.4% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in Greenwich in October – they dropped 1% in price, to £487,597 on average. Over the last year, prices dropped by 5%.

Among other types of property:

• Detached: down 0.6% monthly; down 3.9% annually; £926,897 average
• Semi-detached: down 0.5% monthly; down 3.9% annually; £657,358 average
• Flats: down 0.5% monthly; down 2.1% annually; £353,405 average

How do property prices in Greenwich compare?

Buyers paid 17.3% less than the average price in London (£516,000) in October for a property in Greenwich. Across London, property prices are high compared to those across the UK, where the average cost is £288,000.

The most expensive properties in London – and the UK – were in Kensington and Chelsea – £1.4 million on average, and 3.2 times the price as in Greenwich. Kensington and Chelsea properties cost four times the price as homes in Barking and Dagenham (£334,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, at £1.4 million.

Factfile

Average property price in October

• Greenwich: £426,081
• London:£515,504
• UK: £287,782

Annual change to October

• Greenwich: -3.4%
• London: -3.6%
• UK: -1.2%

Highest and lowest annual growth in London

• Richmond: +5.4%
• Hammersmith and Fulham: -9.9%