Redbridge house prices dropped slightly in December

House prices dropped slightly, by 0.2%, in Redbridge in December, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 4.3% over the last year.

The average Redbridge house price in December was £487,457, Land Registry figures show – a 0.2% decrease on November.

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

Over the last year, the average sale price of property in Redbridge rose by £20,000 – putting the area 24th 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 Redbridge spent an average of £416,000 on their property – £17,000 more than a year ago, and £55,000 more than in December 2017.

By comparison, former owner-occupiers paid £550,000 on average in December – 32.3% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices Redbridge in December – they dropped 0.3% in price, to £528,568 on average. But over the last year, prices rose by 5.4%.

Among other types of property:

Detached: down 0.2% monthly; up 4.6% annually; £1,074,833 averageSemi-detached: down 0.3% monthly; up 4.4% annually; £688,991 averageFlats: up 0% monthly; up 2.3% annually; £318,013 average

How do property prices in Redbridge compare?

Buyers paid 10.2% less than the average price in London (£543,000) in December for a property in Redbridge. Across London, property prices are lower than 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 2.6 times as much as more than in Redbridge. 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

Redbridge: £487,457London:£543,099UK: £294,329

Annual growth to December

Redbridge: +4.3%London: +6.7%UK: +9.8%

Highest and lowest annual growth in London

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