Havering house prices dropped slightly in July

File photo dated 14/10/14 of sold and for sale signs. A scramble by buyers to complete before the stamp duty holiday started winding down pushed UK house prices to a record high in June, official figures show. House prices rose by 13.2% over the year to June, faster than at any point since November 2004, according to the Office for National Statistics (ONS). Issue date: Wednesday August 18, 2021.

House prices dropped slightly, by 0.1%, in Havering in July, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 4.5% annual growth.

The average Havering house price in July was £390,572, Land Registry figures show – a 0.1% decrease on June.

Over the month, the picture was better than that across London, where prices decreased 2%, and Havering outperformed the 3.7% drop for the UK as a whole.

Over the last year, the average sale price of property in Havering rose by £17,000 – putting the area 14th among London’s 33 local authorities for annual growth.

The best annual growth in the region was in Enfield, where property prices increased on average by 12.7%, to £438,000. At the other end of the scale, properties in City of London lost 10.4% of their value, giving an average price of £705,000.

Winners and Losers

Owners of terraced houses fared worst in Havering in July – they dropped 0.4% in price, to £474,244 on average. But over the last year, prices rose by 5.3%.

Among other types of property:

Detached: down 0.1% monthly; up 5.1% annually; £748,927 averageSemi-detached: up 0.2% monthly; up 5% annually; £474,244 averageFlats: remained level over the month; up 2.5% annually; £240,520 average

First steps on the property ladder

First-time buyers in Havering spent an average of £329,000 on their property – £13,000 more than a year ago, and £32,000 more than in July 2016.

By comparison, former owner-occupiers paid £450,000 on average in July – 36.9% more than first-time buyers.

How do property prices in Havering compare?

Buyers paid 21% less than the average price in London (£495,000) in July for a property in Havering. Across London, property prices are high compared to those across the UK, where the average cost £256,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 3.4 times as much as in Havering. Kensington and Chelsea properties cost 4.1 times as much as homes in Barking and Dagenham (£323,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average July sale price of £1.3 million could buy 13 properties in Burnley (average £101,000).

Factfile

Average property price in July

Havering: £390,572London:£494,673UK: £255,535

Annual growth to July

Havering: +4.5%London: +2.2%UK: +8%

Best and worst annual growth in London

Enfield: +12.7%City of London: -10.4%