Hackney house prices leapt 8% in January

House prices leapt by 8% in Hackney in January, new figures show.

The significant boost contributes to the longer-term trend, which has seen property prices in the area achieve 8.9% annual growth.

The average Hackney house price in January was £646,596, Land Registry figures show – an 8% increase on December.

Over the month, the picture was better than that across London, where prices decreased 1.8%, and Hackney outperformed the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in Hackney rose by £53,000 – putting the area sixth among London’s 33 local authorities with price data for annual growth.

The best annual growth in the region was in Islington, where property prices increased on average by 13.4%, to £760,000. At the other end of the scale, properties in Tower Hamlets lost 5.1% of their value, giving an average price of £438,000.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in Hackney in January – they increased 8.2%, to £961,879 on average. Over the last year, prices rose by 9.7%.

Among other types of property:

Detached: up 7.7% monthly; up 14.1% annually; £1,225,967 averageSemi-detached: up 7.8% monthly; up 11.4% annually; £1,139,386 averageFlats: up 8% monthly; up 8.7% annually; £588,659 average

First steps on the property ladder

First-time buyers in Hackney spent an average of £609,000 on their property – £48,000 more than a year ago, and £77,000 more than in January 2017.

By comparison, former owner-occupiers paid £691,000 on average in January – 13.6% more than first-time buyers.

How do property prices in Hackney compare?

Buyers paid 26.8% more than the average price in London (£510,000) in January for a property in Hackney. Across London, property prices are high compared to those across the UK, where the average cost £274,000.

The most expensive properties in London were in Kensington and Chelsea – £1.4 million on average, and 2.2 times as much as more than in Hackney. Kensington and Chelsea properties cost 4.1 times as much as homes in Barking and Dagenham (£346,000 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 January

Hackney: £646,596London:£510,102UK: £273,762

Annual growth to January

Hackney: +8.9%London: +2.2%UK: +9.6%

Best and worst annual growth in London

Islington: +13.4%Tower Hamlets: -5.1%