Hackney house prices increased slightly in July

House prices increased slightly, by 0.8%, in Hackney in July, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 0.2% over the last year.

The average Hackney house price in July was £632,761, Land Registry figures show – a 0.8% increase on June.

Over the month, the picture was similar to that across London, where prices increased 1.1%, but Hackney was above the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Hackney rose by £1,100 – putting the area 16th 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 5%, to £905,000. At the other end of the scale, properties in Kensington and Chelsea lost 10.8% of their value, giving an average price of £1,345,000.

First steps on the property ladder

First-time buyers in Hackney spent an average of £595,800 on their property – £1,300 more than a year ago, and £71,300 more than in July 2018.

By comparison, former owner-occupiers paid £676,100 on average in July – 13.5% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Hackney in July – they increased 1.4%, to £956,380 on average. Over the last year, prices dropped by 0.3%.

Among other types of property:

• Detached: up 1.3% monthly; up 0.8% annually; £1,205,114 average
• Semi-detached: up 1.3% monthly; up 0% annually; £1,130,368 average
• Flats: up 0.7% monthly; up 0.3% annually; £573,810 average

How do property prices in Hackney compare?

Buyers paid 18.4% more than the average price in London (£534,000) in July for a property in Hackney. Across London, property prices are high compared to those across the UK, where the average cost is £290,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 2.1 times the price as in Hackney. Kensington and Chelsea properties cost 3.9 times the price as homes in Barking and Dagenham (£343,000 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 July

• Hackney: £632,761
• London:£534,265
• UK: £289,824

Annual change to July

• Hackney: +0.2%
• London: -0.8%
• UK: +0.6%

Highest and lowest annual growth in London

• City of London: +5%
• Kensington and Chelsea: -10.8%