Hackney house prices dropped slightly in November

House prices dropped slightly, by 0.5%, in Hackney in November, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 13.9% over the last year.

The average Hackney house price in November was £653,046, Land Registry figures show – a 0.5% decrease on October.

Over the month, the picture was different to that across London, where prices increased 0.1%, and Hackney was lower than the 0.3% drop for the UK as a whole.

Over the last year, the average sale price of property in Hackney rose by £80,000 – putting the area second among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in City of London, where property prices increased on average by 18.5%, to £936,000. At the other end of the scale, properties in Kensington and Chelsea lost 6.3% of their value, giving an average price of £1,350,000.

The average UK house price edged down to £295,000 in November 2022, from the previous month's record high of £296,000.

Property prices increased by 10.3% in the year to November, slowing from 12.4% in October.

Nathan Emerson, CEO of Propertymark, which represents estate agents, said: "In November, our agents reported a market that was on the cusp of seeing purchasing power handed back to buyers which was a trend we hadn’t seen in months."

And Roger Evans, director of home finance distribution at Gatehouse Bank, said: “The property market is slowly becoming more favourable for buyers in some areas as rates stabilise a little following the turbulence of 2022.”

First steps on the property ladder

First-time buyers in Hackney spent an average of £616,000 on their property – £76,000 more than a year ago, and £83,000 more than in November 2017.

By comparison, former owner-occupiers paid £696,000 on average in November – 13% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices Hackney in November – they dropped 1.1% in price, to £1,227,274 on average. But over the last year, prices rose by 14.1%.

Among other types of property:

Semi-detached: down 0.7% monthly; up 15.3% annually; £1,171,279 averageTerraced: down 0.5% monthly; up 15.8% annually; £993,285 averageFlats: down 0.5% monthly; up 13.4% annually; £591,023 average

How do property prices in Hackney compare?

Buyers paid 20.4% more than the average price in London (£542,000) in November for a property in Hackney. Across London, property prices are high compared to those across the UK, where the average cost £295,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 2.1 times as much as more than in Hackney. Kensington and Chelsea properties cost 3.8 times as much as homes in Barking and Dagenham (£360,000 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 November

Hackney: £653,046London:£542,311UK: £294,910

Annual growth to November

Hackney: +13.9%London: +6.3%UK: +10.3%

Highest and lowest annual growth in London

City of London: +18.5%Kensington and Chelsea: -6.3%