Hackney house prices increased in May

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

House prices increased by 2.3% in Hackney in May, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 8.3% over the last year.

The average Hackney house price in May was £646,689, Land Registry figures show – a 2.3% increase on April.

Over the month, the picture was different to that across London, where prices decreased 1.2%, and Hackney was above the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in Hackney rose by £50,000 – 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 24.1%, to £988,000. At the other end of the scale, properties in Kensington and Chelsea lost 13.4% of their value, giving an average price of £1,314,000.

First steps on the property ladder

First-time buyers in Hackney spent an average of £610,000 on their property – £48,000 more than a year ago, and £97,000 more than in May 2018.

By comparison, former owner-occupiers paid £689,000 on average in May – 13.1% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Hackney in May – they increased 2.4%, to £588,107 on average. Over the last year, prices rose by 8.7%.

Among other types of property:

Detached: up 1.4% monthly; up 6.4% annually; £1,215,056 average
Semi-detached: up 1.4% monthly; up 7.6% annually; £1,147,812 average
Terraced: up 2.1% monthly; up 7.1% annually; £967,761 average

How do property prices in Hackney compare?

Buyers paid 23% more than the average price in London (£526,000) in May for a property in Hackney. Across London, property prices are high compared to those across the UK, where the average cost is £286,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and twice the price as in Hackney. Kensington and Chelsea properties cost 3.7 times the price as homes in Barking and Dagenham (£356,000 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 May

Hackney: £646,689
London:£525,629
UK: £285,861

Annual growth to May

Hackney: +8.3%
London: +0.8%
UK: +1.9%

Highest and lowest annual growth in London

City of London: +24.1%
Kensington and Chelsea: -13.4%