Merton house prices dropped slightly in November

General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.

House prices dropped slightly, by 0.1%, in Merton in November, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 1.5% annual decline.

The average Merton house price in November was £569,635, Land Registry figures show – a 0.1% decrease on October.

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

Over the last year, the average sale price of property in Merton fell by £8,900 – putting the area 10th 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 Merton spent an average of £485,800 on their property – £7,200 less than a year ago, but £35,400 more than in November 2018.

By comparison, former owner-occupiers paid £658,100 on average in November – 35.5% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in Merton in November – they dropped 3.4% in price, to £1,658,955 on average. Over the last year, prices dropped by 6%.

Among other types of property:

Semi-detached:

Terraced:

Flats:

How do property prices in Merton compare?

Buyers paid 12.7% more than the average price in London (£505,000) in November for a property in Merton. 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 twice the price as in Merton. 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

Merton: £569,635
London:£505,283
UK: £284,950

Annual change to November

Merton: -1.5%
London: -6%
UK: -2.1%

Highest and lowest annual growth in London

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