Haringey house prices dropped in June

House prices dropped by 2.2% in Haringey in June, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 2.8% over the last year.

The average Haringey house price in June was £577,614, Land Registry figures show – a 2.2% decrease on May.

Over the month, the picture was different to that across London, where prices increased 1.9%, and Haringey was lower than the 1% rise for the UK as a whole.

Over the last year, the average sale price of property in Haringey rose by £16,000 – putting the area 30th among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in Kensington and Chelsea, where property prices increased on average by 12.2%, to £1,362,000. At the other end of the scale, properties in Camden gained 1.9% in value, giving an average price of £830,000.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

But activity is starting to slow, with soaring inflation putting household budgets under pressure.

First steps on the property ladder

First-time buyers in Haringey spent an average of £510,100 on their property – £11,900 more than a year ago, and £8,500 more than in June 2017.

By comparison, former owner-occupiers paid £655,100 on average in June – 28.4% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices Haringey in June – they dropped 3.8% in price, to £2,050,063 on average. But over the last year, prices rose by 8%.

Among other types of property:

Semi-detached: down 2.6% monthly; up 6.1% annually; £1,061,702 averageTerraced: down 2.1% monthly; up 4.2% annually; £690,860 averageFlats: down 2.2% monthly; up 1.3% annually; £472,327 average

How do property prices in Haringey compare?

Buyers paid 7.4% more than the average price in London (£538,000) in June for a property in Haringey. Across London, property prices are higher than those across the UK, where the average cost £286,000.

The most expensive properties in London were in Kensington and Chelsea – £1.4 million on average, and 2.4 times as much as more than in Haringey. Kensington and Chelsea properties cost four times as much as homes in Barking and Dagenham (£342,000 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 June

Haringey: £577,614London:£537,920UK: £286,397

Annual growth to June

Haringey: +2.8%London: +6.3%UK: +7.8%

Highest and lowest annual growth in London

Kensington and Chelsea: +12.2%Camden: +1.9%