Redbridge house prices dropped slightly in March

House prices dropped slightly, by 0.5%, in Redbridge in March, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 1.7% over the last year.

The average Redbridge house price in March was £474,956, Land Registry figures show – a 0.5% decrease on February.

Over the month, the picture was different to that across London, where prices decreased 1.7%, and Redbridge was above the 1.2% 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 26th among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in Tower Hamlets, where property prices increased on average by 11%, to £510,000. At the other end of the scale, properties in Westminster lost 17.4% of their value, giving an average price of £876,000.

First steps on the property ladder

First-time buyers in Redbridge spent an average of £404,100 on their property – £5,600 more than a year ago, and £37,500 more than in March 2018.

By comparison, former owner-occupiers paid £536,900 on average in March – 32.8% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices Redbridge in March – they dropped 0.9% in price, to £511,259 on average. But over the last year, prices rose by 1.9%.

Among other types of property:

• Detached: up 0% monthly; up 2.2% annually; £1,049,450 average
• Semi-detached: down 0.1% monthly; up 2.2% annually; £676,109 average
• Flats: down 0.4% monthly; up 0.4% annually; £311,334 average

How do property prices in Redbridge compare?

Buyers paid 9.2% less than the average price in London (£523,000) in March for a property in Redbridge. Across London, property prices are lower than those across the UK, where the average cost £285,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 2.8 times as much as more than in Redbridge. Kensington and Chelsea properties cost 3.8 times as much as homes in Barking and Dagenham (£347,000 average), at the other end of the scale.

The highest property prices across the UK were in E09000020.

Factfile

Average property price in March

• Redbridge: £474,956
• London:£523,325
• UK: £285,009

Annual growth to March

• Redbridge: +1.7%
• London: +1.5%
• UK: +4.1%

Highest and lowest annual growth in London

• Tower Hamlets: +11%
• Westminster: -17.4%