Greenwich house prices increased slightly in March

House prices increased slightly, by 0.4%, in Greenwich in March, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 8.7% over the last year.

The average Greenwich house price in March was £447,837, Land Registry figures show – a 0.4% increase on February.

Over the month, the picture was different to that across London, where prices decreased 1.7%, and Greenwich was above the 1.2% drop for the UK as a whole.

Over the last year, the average sale price of property in Greenwich rose by £36,000 – putting the area fourth 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 11%, to £510,000. At the other end of the scale, properties in Westminster lost 17.4% of their value, giving an average price of £876,000.

First steps on the property ladder

First-time buyers in Greenwich spent an average of £401,000 on their property – £33,000 more than a year ago, and £51,000 more than in March 2018.

By comparison, former owner-occupiers paid £521,000 on average in March – 30% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Greenwich in March – they increased 0.9%, to £375,230 on average. Over the last year, prices rose by 9.5%.

Among other types of property:

• Detached: up 0.6% monthly; up 7.6% annually; £972,665 average
• Semi-detached: up 0.4% monthly; up 8% annually; £686,823 average
• Terraced: down 0.3% monthly; up 7.7% annually; £507,242 average

How do property prices in Greenwich compare?

Buyers paid 14.4% less than the average price in London (£523,000) in March for a property in Greenwich. Across London, property prices are lower than those across the UK, where the average cost £285,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 2.9 times as much as more than in Greenwich. Kensington and Chelsea properties cost 3.8 times as much as homes in Barking and Dagenham (£347,000 average), at the other end of the scale.

The highest property prices across the UK were in E09000020.

Factfile

Average property price in March

• Greenwich: £447,837
• London:£523,325
• UK: £285,009

Annual growth to March

• Greenwich: +8.7%
• London: +1.5%
• UK: +4.1%

Highest and lowest annual growth in London

• Tower Hamlets: +11%
• Westminster: -17.4%