Greenwich house prices increased in February

General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.

House prices increased by 1.8% in Greenwich in February, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 9.2% annual growth.

The average Greenwich house price in February was £446,652, Land Registry figures show – a 1.8% increase on January.

Over the month, the picture was better than that across London, where prices decreased 1.1%, and Greenwich outperformed the 1% drop for the UK as a whole.

Over the last year, the average sale price of property in Greenwich rose by £38,000 – putting the area fourth among London’s 33 local authorities with price data for annual growth.

The best annual growth in the region was in City of London, where property prices increased on average by 13.4%, to £961,000. At the other end of the scale, properties in Westminster lost 8.8% of their value, giving an average price of £968,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in Greenwich in February – they increased 2.3%, to £976,310 on average. Over the last year, prices rose by 8.7%.

Among other types of property:

Semi-detached:

Terraced:

Flats:

First steps on the property ladder

First-time buyers in Greenwich spent an average of £399,000 on their property – £34,000 more than a year ago, and £49,000 more than in February 2018.

By comparison, former owner-occupiers paid £521,000 on average in February – 30.5% more than first-time buyers.

How do property prices in Greenwich compare?

Buyers paid 16.1% less than the average price in London (£532,000) in February for a property in Greenwich. Across London, property prices are lower than those across the UK, where the average cost £288,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and three times as much as more than in Greenwich. Kensington and Chelsea properties cost 3.8 times as much as homes in Barking and Dagenham (£345,000 average), at the other end of the scale.

The highest property prices across the UK were in 160.

Factfile

Average property price in February

Greenwich: £446,652
London:£532,212
UK: £287,506

Annual growth to February

Greenwich: +9.2%
London: +2.9%
UK: +5.5%

Best and worst annual growth in London

City of London: +13.4%
Westminster: -8.8%