Harrow house prices increased slightly in January

EMBARGOED TO 00001 TUESDAY OCTOBER 26 File photo dated 14/10/14 of estate agents boards. The housing market is set to record its highest level of sales this year since 2007, according to a property website. Issue date: Tuesday October 26, 2021.

House prices increased slightly, by 0.4%, in Harrow in January, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 7.8% annual growth.

The average Harrow house price in January was £511,465, Land Registry figures show – a 0.4% increase on December.

Over the month, the picture was better than that across London, where prices decreased 1.8%.

Over the last year, the average sale price of property in Harrow rose by £37,000 – putting the area eighth among London’s 33 local authorities with price data for annual growth.

The best annual growth in the region was in Islington, where property prices increased on average by 13.4%, to £760,000. At the other end of the scale, properties in Tower Hamlets lost 5.1% of their value, giving an average price of £438,000.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in Harrow in January – they increased 0.7%, to £522,345 on average. Over the last year, prices rose by 8.1%.

Among other types of property:

Detached: down 0.5% monthly; up 10.5% annually; £1,233,054 averageSemi-detached: up 0.3% monthly; up 8.6% annually; £655,836 averageFlats: up 0.6% monthly; up 6% annually; £346,771 average

First steps on the property ladder

First-time buyers in Harrow spent an average of £423,000 on their property – £28,000 more than a year ago, and £38,000 more than in January 2017.

By comparison, former owner-occupiers paid £581,000 on average in January – 37.4% more than first-time buyers.

How do property prices in Harrow compare?

Buyers paid roughly the same as the average price in London (£510,000) in January for a property in Harrow. Across London, property prices are roughly the same as those across the UK, where the average cost £274,000.

The most expensive properties in London were in Kensington and Chelsea – £1.4 million on average, and 2.7 times as much as more than in Harrow. Kensington and Chelsea properties cost 4.1 times as much as homes in Barking and Dagenham (£346,000 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 January

Harrow: £511,465London:£510,102UK: £273,762

Annual growth to January

Harrow: +7.8%London: +2.2%UK: +9.6%

Best and worst annual growth in London

Islington: +13.4%Tower Hamlets: -5.1%