Redbridge house prices dropped in October

House prices dropped by 1.7% in Redbridge in October, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 1.6% over the last year.

The average Redbridge house price in October was £491,337, Land Registry figures show – a 1.7% decrease on September.

Over the month, the picture was different to that across London, where prices decreased 3.1%, but Redbridge was lower than the 0.7% drop for the UK as a whole.

Over the last year, the average sale price of property in Redbridge rose by £7,900 – putting the area fifth 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 Redbridge spent an average of £417,300 on their property – £5,500 more than a year ago, and £47,700 more than in October 2018.

By comparison, former owner-occupiers paid £556,900 on average in October – 33.5% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in Redbridge in October – they dropped 1.9% in price, to £532,265 on average. But over the last year, prices rose by 1.4%.

Among other types of property:

• Detached: down 1.3% monthly; up 3.4% annually; £1,087,740 average
• Semi-detached: down 1.3% monthly; up 2.8% annually; £702,918 average
• Flats: down 1.7% monthly; up 1% annually; £318,611 average

How do property prices in Redbridge compare?

Buyers paid 4.7% less than the average price in London (£516,000) in October for a property in Redbridge. 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 2.8 times the price as in Redbridge. 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

• Redbridge: £491,337
• London:£515,504
• UK: £287,782

Annual change to October

• Redbridge: +1.6%
• London: -3.6%
• UK: -1.2%

Highest and lowest annual growth in London

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