Hackney house prices increased slightly in February

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

House prices increased slightly, by 0.1%, in Hackney in February, new figures show.

But the boost does not reverse the longer-term trend, which has seen property prices in the area suffer a 0.8% annual decline.

The average Hackney house price in February was £630,393, Land Registry figures show – a 0.1% increase on January.

Over the month, the picture was better than that across London, where prices decreased 1.1%, and Hackney outperformed the 1% drop for the UK as a whole.

Over the last year, the average sale price of property in Hackney fell by £5,000 – putting the area 30th among London’s 33 local authorities with price data for annual growth.

The best annual growth in the region was in City of London, where property prices increased on average by 13.4%, to £961,000. At the other end of the scale, properties in Westminster lost 8.8% of their value, giving an average price of £968,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in Hackney in February – they increased 0.8%, to £1,197,455 on average. Over the last year, prices dropped by 0.2%.

Among other types of property:

Semi-detached:

Terraced:

Flats:

First steps on the property ladder

First-time buyers in Hackney spent an average of £594,500 on their property – £4,000 less than a year ago, but £69,400 more than in February 2018.

By comparison, former owner-occupiers paid £671,500 on average in February – 12.9% more than first-time buyers.

How do property prices in Hackney compare?

Buyers paid 18.4% more than the average price in London (£532,000) in February for a property in Hackney. Across London, property prices are higher than those across the UK, where the average cost £288,000.

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 (£345,000 average), at the other end of the scale.

The highest property prices across the UK were in 160.

Factfile

Average property price in February

Hackney: £630,393
London:£532,212
UK: £287,506

Annual change to February

Hackney: -0.8%
London: +2.9%
UK: +5.5%

Best and worst annual growth in London

City of London: +13.4%
Westminster: -8.8%