Hackney house prices dropped in December

House prices dropped by 1.1% in Hackney in December, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 0.4% over the last year.

The average Hackney house price in December was £621,127, Land Registry figures show – a 1.1% decrease on November.

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

Over the last year, the average sale price of property in Hackney rose by £2,300 – 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 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 Hackney spent an average of £583,310 on their property – £220 more than a year ago, and £63,800 more than in December 2018.

By comparison, former owner-occupiers paid £666,800 on average in December – 14.3% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in Hackney in December – they dropped 2.5% in price, to £1,180,520 on average. But over the last year, prices rose by 0.7%.

Among other types of property:

How do property prices in Hackney compare?

Buyers paid 22.3% more than the average price in London (£508,000) in December for a property in Hackney. 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 1.8 times the price as in Hackney. 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

• Hackney: £621,127
• London:£508,037
• UK: £284,691

Annual change to December

• Hackney: +0.4%
• London: -4.8%
• UK: -1.4%

Highest and lowest annual growth in London

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