Haringey house prices dropped more than London average in February

House prices dropped by 3% – more than the average for London – in Haringey in February, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 0.3% annual growth.

The average Haringey house price in February was £590,450, Land Registry figures show – a 3% decrease on January.

Over the month, the picture was worse than that across London, where prices decreased 1.1%, and Haringey underperformed compared to the 1% drop for the UK as a whole.

Over the last year, the average sale price of property in Haringey rose by £1,600 – putting the area 28th 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 terraced houses fared worst in Haringey in February – they dropped 3.4% in price, to £707,749 on average. But over the last year, prices rose by 1.4%.

Among other types of property:

• Detached: down 1.8% monthly; up 2.2% annually; £2,145,719 average
• Semi-detached: down 2.7% monthly; up 1.1% annually; £1,097,373 average
• Flats: down 2.8% monthly; down 0.6% annually; £481,155 average

First steps on the property ladder

First-time buyers in Haringey spent an average of £520,500 on their property – £1,200 more than a year ago, and £20,700 more than in February 2018.

By comparison, former owner-occupiers paid £671,100 on average in February – 28.9% more than first-time buyers.

How do property prices in Haringey compare?

Buyers paid 10.9% more than the average price in London (£532,000) in February for a property in Haringey. 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 2.2 times as much as more than in Haringey. 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

• Haringey: £590,450
• London:£532,212
• UK: £287,506

Annual growth to February

• Haringey: +0.3%
• London: +2.9%
• UK: +5.5%

Best and worst annual growth in London

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