Newham house prices increased in October

House prices increased by 2% in Newham in October, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 4.4% over the last year.

The average Newham house price in October was £433,164, Land Registry figures show – a 2% increase on September.

Over the month, the picture was different to that across London, where prices decreased 3.1%, and Newham was above the 0.7% drop for the UK as a whole.

Over the last year, the average sale price of property in Newham rose by £18,000 – putting the area second 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 5.4%, to £806,000. At the other end of the scale, properties in Hammersmith and Fulham lost 9.9% of their value, giving an average price of £716,000.

First steps on the property ladder

First-time buyers in Newham spent an average of £422,000 on their property – £19,000 more than a year ago, and £69,000 more than in October 2018.

By comparison, former owner-occupiers paid £445,000 on average in October – 5.4% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Newham in October – they increased 2.4%, to £400,622 on average. Over the last year, prices rose by 6.6%.

Among other types of property:

• Detached: up 2.2% monthly; up 2.9% annually; £782,392 average
• Semi-detached: up 2.1% monthly; up 3.5% annually; £633,889 average
• Terraced: up 1.7% monthly; up 2.4% annually; £478,299 average

How do property prices in Newham compare?

Buyers paid 16% less than the average price in London (£516,000) in October for a property in Newham. Across London, property prices are high compared to those across the UK, where the average cost is £288,000.

The most expensive properties in London – and the UK – were in Kensington and Chelsea – £1.4 million on average, and 3.1 times the price as in Newham. Kensington and Chelsea properties cost four times the price as homes in Barking and Dagenham (£334,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, at £1.4 million.

Factfile

Average property price in October

• Newham: £433,164
• London:£515,504
• UK: £287,782

Annual change to October

• Newham: +4.4%
• London: -3.6%
• UK: -1.2%

Highest and lowest annual growth in London

• Richmond: +5.4%
• Hammersmith and Fulham: -9.9%