Redbridge house prices increased slightly in February
House prices increased slightly, by 0.2%, in Redbridge in February, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 6.6% annual growth.
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Hide AdThe average Redbridge house price in February was £477,872, Land Registry figures show – a 0.2% increase on January.
Over the month, the picture was less good than that across London, where prices increased 2.2%, and Redbridge underperformed compared to the 0.5% rise for the UK as a whole.
Over the last year, the average sale price of property in Redbridge rose by £30,000 – putting the area 15th among London’s 33 local authorities with price data for annual growth.
The best annual growth in the region was in City of London, where property prices increased on average by 15.4%, to £840,000. At the other end of the scale, properties in Lewisham lost 2% of their value, giving an average price of £436,000.
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Hide AdWinners and Losers
Owners of flats saw the biggest improvement in property prices in Redbridge in February – they increased 0.3%, to £318,410 on average. Over the last year, prices rose by 3.7%.
Among other types of property:
Detached: up 0.2% monthly; up 11.7% annually; £1,053,714 averageSemi-detached: up 0.1% monthly; up 8.6% annually; £673,388 averageTerraced: up 0.1% monthly; up 7.1% annually; £512,975 average
First steps on the property ladder
First-time buyers in Redbridge spent an average of £407,000 on their property – £22,000 more than a year ago, and £56,000 more than in February 2017.
By comparison, former owner-occupiers paid £540,000 on average in February – 32.6% more than first-time buyers.
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Hide AdHow do property prices in Redbridge compare?
Buyers paid 9.8% less than the average price in London (£530,000) in February for a property in Redbridge. Across London, property prices are lower than those across the UK, where the average cost £277,000.
The most expensive properties in London were in Kensington and Chelsea – £1.4 million on average, and 2.9 times as much as more than in Redbridge. Kensington and Chelsea properties cost 4.1 times as much as homes in Barking and Dagenham (£341,000 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 February
Redbridge: £477,872London:£529,882UK: £276,755
Annual growth to February
Redbridge: +6.6%London: +8.1%UK: +10.9%
Best and worst annual growth in London
City of London: +15.4%Lewisham: -2%