Sutton house prices dropped slightly in May

House prices dropped slightly, by 0.6%, in Sutton in May, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 1.5% over the last year.

The average Sutton house price in May was £430,883, Land Registry figures show – a 0.6% decrease on April.

Over the month, the picture was different to that across London, where prices decreased 1.2%, but Sutton was lower than the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in Sutton rose by £6,300 – putting the area 18th 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 24.1%, to £988,000. At the other end of the scale, properties in Kensington and Chelsea lost 13.4% of their value, giving an average price of £1,314,000.

First steps on the property ladder

First-time buyers in Sutton spent an average of £358,300 on their property – £5,100 more than a year ago, and £36,700 more than in May 2018.

By comparison, former owner-occupiers paid £515,500 on average in May – 43.8% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest fall in property prices in Sutton in May – they dropped 0.8% in price, to £626,485 on average. But over the last year, prices rose by 1.6%.

Among other types of property:

• Detached: down 0.6% monthly; up 1.5% annually; £1,040,298 average
• Terraced: down 0.6% monthly; up 1% annually; £432,826 average
• Flats: down 0.5% monthly; up 1.6% annually; £287,437 average

How do property prices in Sutton compare?

Buyers paid 18% less than the average price in London (£526,000) in May for a property in Sutton. Across London, property prices are high compared to those across the UK, where the average cost is £286,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and three times the price as in Sutton. Kensington and Chelsea properties cost 3.7 times the price as homes in Barking and Dagenham (£356,000 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 May

• Sutton: £430,883
• London:£525,629
• UK: £285,861

Annual growth to May

• Sutton: +1.5%
• London: +0.8%
• UK: +1.9%

Highest and lowest annual growth in London

• City of London: +24.1%
• Kensington and Chelsea: -13.4%