Hackney house prices increased in October

House prices increased by 4.8% in Hackney in October, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 0.6% annual decline.

The average Hackney house price in October was £639,717, Land Registry figures show – a 4.8% increase on September.

Over the month, the picture was different to that across London, where prices decreased 3.1%, and Hackney was above the 0.7% drop for the UK as a whole.

Over the last year, the average sale price of property in Hackney fell by £4,100 – putting the area 11th 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 5.4%, to £806,000. At the other end of the scale, properties in Hammersmith and Fulham lost 9.9% of their value, giving an average price of £716,000.

First steps on the property ladder

First-time buyers in Hackney spent an average of £600,700 on their property – £4,900 less than a year ago, but £83,500 more than in October 2018.

By comparison, former owner-occupiers paid £687,200 on average in October – 14.4% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Hackney in October – they increased 4.9%, to £578,607 on average. Over the last year, prices dropped by 0.5%.

Among other types of property:

• Detached: up 4.5% monthly; up 0.2% annually; £1,229,822 average
• Semi-detached: up 4.6% monthly; down 0.2% annually; £1,159,901 average
• Terraced: up 4.5% monthly; down 1.2% annually; £974,622 average

How do property prices in Hackney compare?

Buyers paid 24.1% more than the average price in London (£516,000) in October for a property in Hackney. Across London, property prices are high compared to those across the UK, where the average cost is £288,000.

The most expensive properties in London – and the UK – were in Kensington and Chelsea – £1.4 million on average, and 2.1 times the price as in Hackney. Kensington and Chelsea properties cost four times the price as homes in Barking and Dagenham (£334,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, at £1.4 million.

Factfile

Average property price in October

• Hackney: £639,717
• London:£515,504
• UK: £287,782

Annual change to October

• Hackney: -0.6%
• London: -3.6%
• UK: -1.2%

Highest and lowest annual growth in London

• Richmond: +5.4%
• Hammersmith and Fulham: -9.9%