Havering house prices increased slightly in June

File photo dated 14/10/14 of sold and for sale signs. House prices across the UK are expected to increase by 4 percent this year, according to a property group's forecasts. Issue date: Tuesday March 9, 2021.

House prices increased slightly, by 1%, in Havering in June, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 6.3% annual growth.

The average Havering house price in June was £394,578.7924, Land Registry figures show – a 1% increase on May.

Over the month, the picture was less good than that across London, where prices increased 2.5322733%, and Havering underperformed compared to the 4.4989563% rise for the UK as a whole.

Over the last year, the average sale price of property in Havering rose by £24,000 – putting the area 14th among London’s 33 local authorities for annual growth.

The best annual growth in the region was in Harrow, where property prices increased on average by 16.7%, to £522,000. At the other end of the scale, properties in City of London lost 13.2% of their value, giving an average price of £756,000.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in Havering in June – they increased 1.1%, to £376,764.3804 on average. Over the last year, prices rose by 7.3%.

Among other types of property:

Detached: up 0.7% monthly; up 6.2% annually; £755,364.9439 averageSemi-detached: up 1% monthly; up 6.4% annually; £477,726.4204 averageFlats: up 0.8% monthly; up 4.8% annually; £243,334.5456 average

First steps on the property ladder

First-time buyers in Havering spent an average of £332,000 on their property – £19,000 more than a year ago, and £43,000 more than in June 2016.

By comparison, former owner-occupiers paid £454,000 on average in June – 36.4% more than first-time buyers.

How do property prices in Havering compare?

Buyers paid 22.7% less than the average price in London (£510,000) in June for a property in Havering. Across London, property prices are high compared to those across the UK, where the average cost £266,000.

The most expensive properties in London were in Kensington and Chelsea – £1.2 million on average, and 3.1 times as much as in Havering. Kensington and Chelsea properties cost 3.9 times as much as homes in Barking and Dagenham (£319,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average June sale price of £1.2 million could buy 13 properties in Burnley (average £99,000).

Factfile

Average property price in June

Havering: £394,578.7924London:£510,298.6011UK: £265,668.1787

Annual growth to June

Havering: +6.3%London: +6.3%UK: +13.2%

Best and worst annual growth in London

Harrow: +16.7%City of London: -13.2%