Hackney house prices dropped more than London average in March

File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.

House prices dropped by 2.8% – more than the average for London – in Hackney in March, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 4.7% annual growth.

The average Hackney house price in March was £620,454, Land Registry figures show – a 2.8% decrease on February.

Over the month, the picture was worse than that across London, where prices decreased 0.9%, and Hackney underperformed compared to the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Hackney rose by £28,000 – putting the area 19th among London’s 33 local authorities with price data for annual growth.

The best annual growth in the region was in Kensington and Chelsea, where property prices increased on average by 20.3%, to £1,452,000. At the other end of the scale, properties in Lewisham lost 0.5% of their value, giving an average price of £447,000.

Winners and Losers

Owners of terraced houses fared worst in Hackney in March – they dropped 3.1% in price, to £914,972 on average. But over the last year, prices rose by 4.8%.

Among other types of property:

Detached: down 2.7% monthly; up 8.3% annually; £1,155,501 averageSemi-detached: down 2.9% monthly; up 6.5% annually; £1,083,291 averageFlats: down 2.8% monthly; up 4.6% annually; £566,001 average

First steps on the property ladder

First-time buyers in Hackney spent an average of £586,000 on their property – £26,000 more than a year ago, and £78,000 more than in March 2017.

By comparison, former owner-occupiers paid £659,000 on average in March – 12.5% more than first-time buyers.

How do property prices in Hackney compare?

Buyers paid 18.5% more than the average price in London (£524,000) in March for a property in Hackney. Across London, property prices are higher than those across the UK, where the average cost £278,000.

The most expensive properties in London were in Kensington and Chelsea – £1.5 million on average, and 2.3 times as much as more than in Hackney. Kensington and Chelsea properties cost 4.2 times as much as homes in Barking and Dagenham (£342,000 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 March

Hackney: £620,454London:£523,666UK: £278,436

Annual growth to March

Hackney: +4.7%London: +4.8%UK: +9.8%

Best and worst annual growth in London

Kensington and Chelsea: +20.3%Lewisham: -0.5%