Havering house prices increased slightly in November

House prices increased slightly, by 0.8%, in Havering in November, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 1.6% annual decline.

The average Havering house price in November was £426,530, Land Registry figures show – a 0.8% increase on October.

Over the month, the picture was different to that across London, where prices decreased 2.2%, and Havering was above the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in Havering fell by £7,000 – putting the area 11th among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in Richmond, where property prices increased on average by 4.2%, to £778,000. At the other end of the scale, properties in City of London lost 27.7% of their value, giving an average price of £727,000.

First steps on the property ladder

First-time buyers in Havering spent an average of £356,900 on their property – £5,800 less than a year ago, but £41,800 more than in November 2018.

By comparison, former owner-occupiers paid £493,700 on average in November – 38.3% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Havering in November – they increased 1.4%, to £249,271 on average. Over the last year, prices dropped by 1.5%.

Among other types of property:

• Detached: up 0.6% monthly; down 1.3% annually; £836,181 average
• Semi-detached: up 0.7% monthly; down 1.2% annually; £526,559 average
• Terraced: up 0.4% monthly; down 2.2% annually; £408,356 average

How do property prices in Havering compare?

Buyers paid 15.6% less than the average price in London (£505,000) in November for a property in Havering. Across London, property prices are high compared to those across the UK, where the average cost is £285,000.

The most expensive properties in London were in Kensington and Chelsea – £1.1 million on average, and 2.6 times the price as in Havering. Kensington and Chelsea properties cost 3.2 times the price as homes in Barking and Dagenham (£354,000 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 November

• Havering: £426,530
• London:£505,283
• UK: £284,950

Annual change to November

• Havering: -1.6%
• London: -6%
• UK: -2.1%

Highest and lowest annual growth in London

• Richmond: +4.2%
• City of London: -27.7%