Haringey house prices dropped slightly in July

House prices dropped slightly, by 0.7%, in Haringey in July, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 2.9% over the last year.

The average Haringey house price in July was £605,168, Land Registry figures show – a 0.7% decrease on June.

Over the month, the picture was different to that across London, where prices increased 1.1%, and Haringey was lower than the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Haringey rose by £17,000 – putting the area fourth 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 Haringey spent an average of £532,000 on their property – £15,000 more than a year ago, and £36,000 more than in July 2018.

By comparison, former owner-occupiers paid £690,000 on average in July – 29.6% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in Haringey in July – they dropped 1.1% in price, to £494,263 on average. But over the last year, prices rose by 3.2%.

Among other types of property:

• Detached: up 0.1% monthly; up 3.8% annually; £2,180,317 average
• Semi-detached: down 0.5% monthly; up 3.2% annually; £1,123,480 average
• Terraced: down 0.3% monthly; up 2.5% annually; £723,720 average

How do property prices in Haringey compare?

Buyers paid 13.3% more than the average price in London (£534,000) in July for a property in Haringey. 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 2.2 times the price as in Haringey. 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

• Haringey: £605,168
• London:£534,265
• UK: £289,824

Annual change to July

• Haringey: +2.9%
• London: -0.8%
• UK: +0.6%

Highest and lowest annual growth in London

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