Hackney house prices increased slightly in November

House prices increased slightly, by 0.3%, in Hackney in November, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 3.6% annual decline.

The average Hackney house price in November was £617,169, Land Registry figures show – a 0.3% increase on October.

Over the month, the picture was different to that across London, where prices decreased 2.2%, and Hackney was above the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in Hackney fell by £23,000 – putting the area 20th 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 4.2%, to £778,000. At the other end of the scale, properties in City of London lost 27.7% of their value, giving an average price of £727,000.

First steps on the property ladder

First-time buyers in Hackney spent an average of £579,000 on their property – £24,000 less than a year ago, but £64,000 more than in November 2018.

By comparison, former owner-occupiers paid £664,000 on average in November – 14.7% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Hackney in November – they increased 0.6%, to £559,557 on average. Over the last year, prices dropped by 3.3%.

Among other types of property:

• Detached: down 0.3% monthly; down 3.3% annually; £1,179,114 average
• Semi-detached: down 0.7% monthly; down 3.6% annually; £1,109,213 average
• Terraced: down 0.7% monthly; down 4.6% annually; £932,870 average

How do property prices in Hackney compare?

Buyers paid 22.1% more than the average price in London (£505,000) in November for a property in Hackney. Across London, property prices are high compared to those across the UK, where the average cost is £285,000.

The most expensive properties in London were in Kensington and Chelsea – £1.1 million on average, and 1.8 times the price as in Hackney. Kensington and Chelsea properties cost 3.2 times the price as homes in Barking and Dagenham (£354,000 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: £617,169
• London:£505,283
• UK: £284,950

Annual change to November

• Hackney: -3.6%
• London: -6%
• UK: -2.1%

Highest and lowest annual growth in London

• Richmond: +4.2%
• City of London: -27.7%