Harrow house prices dropped slightly in March

General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.

House prices dropped slightly, by 0.3%, 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 grow by 3.3% over the last year.

The average Harrow house price in March was £519,185, Land Registry figures show – a 0.3% decrease on February.

Over the month, the picture was different to that across London, where prices decreased 1.7%, and Harrow was above the 1.2% drop for the UK as a whole.

Over the last year, the average sale price of property in Harrow rose by £16,000 – putting the area 15th among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in Tower Hamlets, where property prices increased on average by 11%, to £510,000. At the other end of the scale, properties in Westminster lost 17.4% of their value, giving an average price of £876,000.

First steps on the property ladder

First-time buyers in Harrow spent an average of £428,000 on their property – £13,000 more than a year ago, and £29,000 more than in March 2018.

By comparison, former owner-occupiers paid £592,000 on average in March – 38.2% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices Harrow in March – they dropped 0.9% in price, to £531,554 on average. But over the last year, prices rose by 3.4%.

Among other types of property:

Detached: down 0.2% monthly; up 2.8% annually; £1,260,382 average
Semi-detached: down 0.2% monthly; up 3.5% annually; £672,837 average
Flats: down 0.2% monthly; up 2.7% annually; £346,384 average

How do property prices in Harrow compare?

Buyers paid 0.8% less than the average price in London (£523,000) in March for a property in Harrow. Across London, property prices are roughly the same as those across the UK, where the average cost £285,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 2.5 times as much as more than in Harrow. Kensington and Chelsea properties cost 3.8 times as much as homes in Barking and Dagenham (£347,000 average), at the other end of the scale.

The highest property prices across the UK were in E09000020.

Factfile

Average property price in March

Harrow: £519,185
London:£523,325
UK: £285,009

Annual growth to March

Harrow: +3.3%
London: +1.5%
UK: +4.1%

Highest and lowest annual growth in London

Tower Hamlets: +11%
Westminster: -17.4%