Kingston house prices dropped in February

House prices dropped by 1% in Kingston in February, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 5% annual growth.

The average Kingston house price in February was £525,787, Land Registry figures show – a 1% decrease on January.

Over the month, the picture was worse than that across London, where prices increased 2.2%, and Kingston underperformed compared to the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Kingston rose by £25,000 – putting the area 22nd among London’s 33 local authorities with price data for annual growth.

The best annual growth in the region was in City of London, where property prices increased on average by 15.4%, to £840,000. At the other end of the scale, properties in Lewisham lost 2% of their value, giving an average price of £436,000.

Winners and Losers

Owners of detached houses fared worst in Kingston in February – they dropped 1.3% in price, to £1,104,110 on average. But over the last year, prices rose by 8.2%.

Among other types of property:

Semi-detached: down 1% monthly; up 6.7% annually; £716,139 averageTerraced: down 1.1% monthly; up 5.2% annually; £520,809 averageFlats: down 0.9% monthly; up 2.9% annually; £359,881 average

First steps on the property ladder

First-time buyers in Kingston spent an average of £432,000 on their property – £18,000 more than a year ago, and £18,000 more than in February 2017.

By comparison, former owner-occupiers paid £586,000 on average in February – 35.7% more than first-time buyers.

How do property prices in Kingston compare?

Buyers paid 0.8% less than the average price in London (£530,000) in February for a property in Kingston. Across London, property prices are roughly the same as those across the UK, where the average cost £277,000.

The most expensive properties in London were in Kensington and Chelsea – £1.4 million on average, and 2.6 times as much as more than in Kingston. Kensington and Chelsea properties cost 4.1 times as much as homes in Barking and Dagenham (£341,000 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 February

Kingston: £525,787London:£529,882UK: £276,755

Annual growth to February

Kingston: +5%London: +8.1%UK: +10.9%

Best and worst annual growth in London

City of London: +15.4%Lewisham: -2%