Newham house prices increased in March
House prices increased by 1.3% in Newham in March, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 3.8% annual growth.
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Hide AdThe average Newham house price in March was £408,856, Land Registry figures show – a 1.3% increase on February.
Over the month, the picture was better than that across London, where prices decreased 0.9%, and Newham outperformed the 0.3% rise for the UK as a whole.
Over the last year, the average sale price of property in Newham rose by £15,000 – 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 Kensington and Chelsea, where property prices increased on average by 20.3%, to £1,452,000. At the other end of the scale, properties in Lewisham lost 0.5% of their value, giving an average price of £447,000.
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Hide AdWinners and Losers
Owners of flats saw the biggest improvement in property prices in Newham in March – they increased 1.5%, to £384,544 on average. Over the last year, prices rose by 4.6%.
Among other types of property:
Detached: up 1.3% monthly; up 5.2% annually; £733,383 averageSemi-detached: up 1.4% monthly; up 4.1% annually; £583,929 averageTerraced: up 0.9% monthly; up 2.7% annually; £441,054 average
First steps on the property ladder
First-time buyers in Newham spent an average of £398,000 on their property – £14,000 more than a year ago, and £42,000 more than in March 2017.
By comparison, former owner-occupiers paid £421,000 on average in March – 5.6% more than first-time buyers.
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Hide AdHow do property prices in Newham compare?
Buyers paid 21.9% less than the average price in London (£524,000) in March for a property in Newham. Across London, property prices are low compared to those across the UK, where the average cost £278,000.
The most expensive properties in London were in Kensington and Chelsea – £1.5 million on average, and 3.6 times as much as more than in Newham. Kensington and Chelsea properties cost 4.2 times as much as homes in Barking and Dagenham (£342,000 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 March
Newham: £408,856London:£523,666UK: £278,436
Annual growth to March
Newham: +3.8%London: +4.8%UK: +9.8%
Best and worst annual growth in London
Kensington and Chelsea: +20.3%Lewisham: -0.5%