Redbridge house prices dropped slightly in January

House prices dropped slightly, by 0.6%, in Redbridge in January, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 4.8% annual growth.

The average Redbridge house price in January was £469,411, Land Registry figures show – a 0.6% decrease on December.

Over the month, the picture was better than that across London, where prices decreased 1.8%, but Redbridge underperformed compared to the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in Redbridge rose by £21,000 – putting the area 19th among London’s 33 local authorities with price data for annual growth.

The best annual growth in the region was in Islington, where property prices increased on average by 13.4%, to £760,000. At the other end of the scale, properties in Tower Hamlets lost 5.1% of their value, giving an average price of £438,000.

Winners and Losers

Owners of detached houses fared worst in Redbridge in January – they dropped 1.4% in price, to £1,033,184 on average. But over the last year, prices rose by 9.7%.

Among other types of property:

Semi-detached: down 0.8% monthly; up 6.8% annually; £662,096 averageTerraced: down 0.5% monthly; up 5.3% annually; £503,716 averageFlats: down 0.5% monthly; up 1.9% annually; £312,707 average

First steps on the property ladder

First-time buyers in Redbridge spent an average of £400,000 on their property – £15,000 more than a year ago, and £46,000 more than in January 2017.

By comparison, former owner-occupiers paid £531,000 on average in January – 32.8% more than first-time buyers.

How do property prices in Redbridge compare?

Buyers paid 8% less than the average price in London (£510,000) in January for a property in Redbridge. Across London, property prices are lower than those across the UK, where the average cost £274,000.

The most expensive properties in London were in Kensington and Chelsea – £1.4 million on average, and three times as much as more than in Redbridge. Kensington and Chelsea properties cost 4.1 times as much as homes in Barking and Dagenham (£346,000 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 January

Redbridge: £469,411London:£510,102UK: £273,762

Annual growth to January

Redbridge: +4.8%London: +2.2%UK: +9.6%

Best and worst annual growth in London

Islington: +13.4%Tower Hamlets: -5.1%