Hillingdon house prices dropped by more than average in July

House prices dropped by 2.2% – more than the average for London – in Hillingdon in July, new figures show.
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.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.
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 by 2.2% – more than the average for London – in Hillingdon in July, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 3.2% annual growth.

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The average Hillingdon house price in July was £422,359, Land Registry figures show – a 2.2% decrease on June.

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

Over the last year, the average sale price of property in Hillingdon rose by £13,000 – putting the area 19th 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

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Owners of terraced houses fared worst in Hillingdon in July – they dropped 2.5% in price, to £830,945 on average. But over the last year, prices rose by 3.9%.

Among other types of property:

Detached: down 1.9% monthly; up 4.7% annually; £830,945 averageSemi-detached: down 1.9% monthly; up 4.1% annually; £528,930 averageFlats: down 2.3% monthly; up 1.6% annually; £273,139 average

First steps on the property ladder

First-time buyers in Hillingdon spent an average of £351,300 on their property – £9,300 more than a year ago, and £7,700 more than in July 2016.

By comparison, former owner-occupiers paid £491,700 on average in July – 40.0% more than first-time buyers.

How do property prices in Hillingdon compare?

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Buyers paid 14.6% less than the average price in London (£495,000) in July for a property in Hillingdon. 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 3.2 times as much as in Hillingdon. 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

Hillingdon: £422,359London:£494,673UK: £255,535

Annual growth to July

Hillingdon: +3.2%London: +2.2%UK: +8%

Best and worst annual growth in London

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