Harrow house prices held steady in May

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

House prices remained steady in Harrow in May, new figures show.

The lack of movement maintains the longer-term trend, which has seen property prices in the area grow by 2.2% over the last year.

The average Harrow house price in May was £512,866, Land Registry figures show – largely unchanged from April.

Over the month, the picture was different to that across London, where prices decreased 1.2%.

Over the last year, the average sale price of property in Harrow rose by £11,000 – putting the area 14th 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 24.1%, to £988,000. At the other end of the scale, properties in Kensington and Chelsea lost 13.4% of their value, giving an average price of £1,314,000.

First steps on the property ladder

First-time buyers in Harrow spent an average of £422,500 on their property – £8,600 more than a year ago, and £32,700 more than in May 2018.

By comparison, former owner-occupiers paid £584,900 on average in May – 38.4% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest fall in property prices in Harrow in May – they dropped 0.3% in price, to £662,065 on average. But over the last year, prices rose by 1.9%.

Among other types of property:

Detached: up 0.4% monthly; up 2% annually; £1,253,499 average
Terraced: up 0.1% monthly; up 1.7% annually; £525,043 average
Flats: up 0% monthly; up 2.4% annually; £342,328 average

How do property prices in Harrow compare?

Buyers paid 2.4% less than the average price in London (£526,000) in May for a property in Harrow. Across London, property prices are high compared to those across the UK, where the average cost is £286,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 2.6 times the price as in Harrow. Kensington and Chelsea properties cost 3.7 times the price as homes in Barking and Dagenham (£356,000 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 May

Harrow: £512,866
London:£525,629
UK: £285,861

Annual growth to May

Harrow: +2.2%
London: +0.8%
UK: +1.9%

Highest and lowest annual growth in London

City of London: +24.1%
Kensington and Chelsea: -13.4%