Harrow house prices dropped more than London average in March
House prices dropped by 1.5% – more than the average for London – in Harrow in March, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 5.2% annual growth.
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Hide AdThe average Harrow house price in March was £510,962, Land Registry figures show – a 1.5% decrease on February.
Over the month, the picture was worse than that across London, where prices decreased 0.9%, and Harrow underperformed compared to the 0.3% rise for the UK as a whole.
Over the last year, the average sale price of property in Harrow rose by £25,000 – putting the area 17th among London’s 33 local authorities with price data for annual growth.
The best annual growth in the region was in Kensington and Chelsea, where property prices increased on average by 20.3%, to £1,452,000. At the other end of the scale, properties in Lewisham lost 0.5% of their value, giving an average price of £447,000.
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Hide AdWinners and Losers
Owners of flats fared worst in Harrow in March – they dropped 1.8% in price, to £345,885 on average. But over the last year, prices rose by 2.9%.
Among other types of property:
Detached: down 1.7% monthly; up 8% annually; £1,226,660 averageSemi-detached: down 1.4% monthly; up 6.7% annually; £656,153 averageTerraced: down 1.5% monthly; up 5.7% annually; £523,016 average
First steps on the property ladder
First-time buyers in Harrow spent an average of £423,000 on their property – £17,000 more than a year ago, and £29,000 more than in March 2017.
By comparison, former owner-occupiers paid £581,000 on average in March – 37.3% more than first-time buyers.
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Hide AdHow do property prices in Harrow compare?
Buyers paid 2.4% less than the average price in London (£524,000) in March for a property in Harrow. Across London, property prices are lower than those across the UK, where the average cost £278,000.
The most expensive properties in London were in Kensington and Chelsea – £1.5 million on average, and 2.8 times as much as more than in Harrow. Kensington and Chelsea properties cost 4.2 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 March
Harrow: £510,962London:£523,666UK: £278,436
Annual growth to March
Harrow: +5.2%London: +4.8%UK: +9.8%
Best and worst annual growth in London
Kensington and Chelsea: +20.3%Lewisham: -0.5%