Greenwich house prices increased in December

House prices increased by 4.2% in Greenwich in December, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 0.3% annual decline.

The average Greenwich house price in December was £433,411, Land Registry figures show – a 4.2% increase on November.

Over the month, the picture was different to that across London, where prices remained static, and Greenwich was above the 0.1% rise for the UK as a whole.

Over the last year, the average sale price of property in Greenwich fell by £1,100 – putting the area seventh 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 3%, to £758,000. At the other end of the scale, properties in City of London lost 17.8% of their value, giving an average price of £802,000.

First steps on the property ladder

First-time buyers in Greenwich spent an average of £386,510 on their property – £540 less than a year ago, but £38,870 more than in December 2018.

By comparison, former owner-occupiers paid £506,040 on average in December – 30.9% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Greenwich in December – they increased 4.9%, to £362,688 on average. Over the last year, prices rose by 2%.

Among other types of property:

• Detached: up 2.8% monthly; down 2.4% annually; £926,173 average
• Semi-detached: up 3.5% monthly; down 1.8% annually; £661,397 average
• Terraced: up 3.5% monthly; down 2.6% annually; £492,221 average

How do property prices in Greenwich compare?

Buyers paid 14.7% less than the average price in London (£508,000) in December for a property in Greenwich. Across London, property prices are high compared to those across the UK, where the average cost is £285,000.

The most expensive properties in London were in Kensington and Chelsea – £1.1 million on average, and 2.6 times the price as in Greenwich. Kensington and Chelsea properties cost 3.3 times the price as homes in Barking and Dagenham (£340,000 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

• Greenwich: £433,411
• London:£508,037
• UK: £284,691

Annual change to December

• Greenwich: -0.3%
• London: -4.8%
• UK: -1.4%

Highest and lowest annual growth in London

• Richmond: +3%
• City of London: -17.8%