Harrow house prices dropped in December

House prices dropped by 2.9% in Harrow in December, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 5.3% annual decline.

The average Harrow house price in December was £500,070, Land Registry figures show – a 2.9% decrease on November.

Over the month, the picture was different to that across London, where prices remained static, and Harrow was lower than the 0.1% rise for the UK as a whole.

Over the last year, the average sale price of property in Harrow fell by £28,000 – 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 3%, to £758,000. At the other end of the scale, properties in City of London lost 17.8% of their value, giving an average price of £802,000.

First steps on the property ladder

First-time buyers in Harrow spent an average of £413,000 on their property – £23,000 less than a year ago, but £25,000 more than in December 2018.

By comparison, former owner-occupiers paid £569,000 on average in December – 37.9% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in Harrow in December – they dropped 4.4% in price, to £1,193,108 on average. Over the last year, prices dropped by 6.6%.

Among other types of property:

How do property prices in Harrow compare?

Buyers paid 1.6% less than the average price in London (£508,000) in December for a property in Harrow. 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 2.3 times the price as in Harrow. Kensington and Chelsea properties cost 3.3 times the price as homes in Barking and Dagenham (£340,000 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 December

• Harrow: £500,070
• London:£508,037
• UK: £284,691

Annual change to December

• Harrow: -5.3%
• London: -4.8%
• UK: -1.4%

Highest and lowest annual growth in London

• Richmond: +3%
• City of London: -17.8%