Havering house prices increased slightly in April

House prices increased slightly, by 0.4%, in Havering in April, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 4.4% over the last year.

The average Havering house price in April was £432,421, Land Registry figures show – a 0.4% increase on March.

Over the month, the picture was different to that across London, where prices increased 2.1%, and Havering was lower than the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Havering rose by £18,000 – putting the area 13th 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 10%, to £511,000. At the other end of the scale, properties in Kensington and Chelsea lost 15.8% of their value, giving an average price of £1,276,000.

First steps on the property ladder

First-time buyers in Havering spent an average of £363,000 on their property – £16,000 more than a year ago, and £49,000 more than in April 2018.

By comparison, former owner-occupiers paid £499,000 on average in April – 37.8% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Havering in April – they increased 0.7%, to £257,112 on average. Over the last year, prices rose by 4.9%.

Among other types of property:

• Detached: up 0.5% monthly; up 4.4% annually; £850,823 average
• Semi-detached: up 0.4% monthly; up 4.4% annually; £530,706 average
• Terraced: up 0.1% monthly; up 4% annually; £411,606 average

How do property prices in Havering compare?

Buyers paid 19% less than the average price in London (£534,000) in April for a property in Havering. Across London, property prices are high compared to those across the UK, where the average cost £286,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and three times the price as in Havering. Kensington and Chelsea properties cost 3.6 times the price as homes in Barking and Dagenham (£351,000 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 April

• Havering: £432,421
• London:£533,687
• UK: £286,489

Annual growth to April

• Havering: +4.4%
• London: +2.4%
• UK: +3.5%

Highest and lowest annual growth in London

• Tower Hamlets: +10%
• Kensington and Chelsea: -15.8%