Newham house prices increased in May
House prices increased by 3% in Newham in May, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 3.2% over the last year.
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Hide AdThe average Newham house price in May was £415,092, Land Registry figures show – a 3% increase on April.
Over the month, the picture was different to that across London, where prices decreased 1.2%, and Newham was above the UK as a whole, where prices did not change.
Over the last year, the average sale price of property in Newham rose by £13,000 – 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 City of London, where property prices increased on average by 24.1%, to £988,000. At the other end of the scale, properties in Kensington and Chelsea lost 13.4% of their value, giving an average price of £1,314,000.
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Hide AdFirst steps on the property ladder
First-time buyers in Newham spent an average of £405,000 on their property – £14,000 more than a year ago, and £50,000 more than in May 2018.
By comparison, former owner-occupiers paid £425,000 on average in May – 5% more than first-time buyers.
Property types
Owners of flats saw the biggest rise in property prices in Newham in May – they increased 3.3%, to £390,087 on average. Over the last year, prices rose by 6.2%.
Among other types of property:
- Detached: up 1.9% monthly; down 0.3% annually; £740,593 average
- Semi-detached: up 2.3% monthly; up 0.6% annually; £597,111 average
- Terraced: up 2.8% monthly; up 0.6% annually; £451,809 average
How do property prices in Newham compare?
Buyers paid 21% less than the average price in London (£526,000) in May for a property in Newham. Across London, property prices are high compared to those across the UK, where the average cost is £286,000.
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Hide AdThe most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 3.2 times the price as in Newham. Kensington and Chelsea properties cost 3.7 times the price as homes in Barking and Dagenham (£356,000 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 May
- Newham: £415,092
- London:£525,629
- UK: £285,861
Annual growth to May
- Newham: +3.2%
- London: +0.8%
- UK: +1.9%
Highest and lowest annual growth in London
- City of London: +24.1%
- Kensington and Chelsea: -13.4%