Newham house prices increased slightly in December

House prices increased slightly, by 0.3%, in Newham in December, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 12.3% over the last year.

The average Newham house price in December was £431,657, Land Registry figures show – a 0.3% increase on November.

Over the month, the picture was similar to that across London, where prices remained static, and Newham was above the 0.4% drop for the UK as a whole.

Over the last year, the average sale price of property in Newham rose by £47,000 – putting the area third 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 20.8%, to £968,000. At the other end of the scale, properties in Westminster lost 13.4% of their value, giving an average price of £910,000.

The average UK house price was £294,000 in December 2022, which was £26,000 higher than 12 months earlier.

It meant prices increased by 9.8% annually in December, slowing from 10.6% annual growth in November, according to the Office for National Statistics.

First steps on the property ladder

First-time buyers in Newham spent an average of £421,000 on their property – £47,000 more than a year ago, and £79,000 more than in December 2017.

By comparison, former owner-occupiers paid £444,000 on average in December – 5.5% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Newham in December – they increased 0.9%, to £399,682 on average. Over the last year, prices rose by 12.6%.

Among other types of property:

Detached: up 0.1% monthly; up 10.7% annually; £783,091 averageSemi-detached: down 0.3% monthly; up 10.6% annually; £623,580 averageTerraced: down 0.4% monthly; up 11.9% annually; £475,580 average

How do property prices in Newham compare?

Buyers paid 20.5% less than the average price in London (£543,000) in December for a property in Newham. Across London, property prices are low compared to those across the UK, where the average cost £294,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and three times as much as more than in Newham. Kensington and Chelsea properties cost 3.5 times as much as homes in Barking and Dagenham (£362,000 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 December

Newham: £431,657London:£543,099UK: £294,329

Annual growth to December

Newham: +12.3%London: +6.7%UK: +9.8%

Highest and lowest annual growth in London

City of London: +20.8%Westminster: -13.4%