Waltham Forest house prices dropped in April

House prices dropped by 2.7% in Waltham Forest in April, new figures show.

File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.
File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.

House prices dropped by 2.7% in Waltham Forest in April, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 0.3% annual decline.

Sign up to our LondonWorld Today newsletter

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

The need for larger deposits and constraints on accessing mortgages have pushed homeownership further out of reach for many first-time buyers – despite Government figures showing 50% of renters would be able to afford the monthly payments.

In a recent major speech in Blackpool, Prime Minister Boris Johnson announced a “comprehensive review” of the mortgage market would take place in a bid to help more people onto the property ladder.

The average Waltham Forest house price in April was £478,261, Land Registry figures show – a 2.7% decrease on March.

Over the month, the picture was different to that across London, where prices increased 1%, and Waltham Forest was lower than the 1.1% rise for the UK as a whole.

Over the last year, the average sale price of property in Waltham Forest fell by £1,400 – putting the area 31st among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in Kensington and Chelsea, where property prices increased on average by 26.7%, to £1,514,000. At the other end of the scale, properties in Hammersmith and Fulham lost 2.5% of their value, giving an average price of £721,000.

First steps on the property ladder

First-time buyers in Waltham Forest spent an average of £451,000 on their property – £2,600 less than a year ago, but £41,900 more than in April 2017.

By comparison, former owner-occupiers paid £505,400 on average in April – 12.1% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices Waltham Forest in April – they dropped 3% in price, to £363,111 on average. Over the last year, prices dropped by 2.3%.

Among other types of property:

Detached: down 2.9% monthly; up 3.1% annually; £885,914 averageSemi-detached: down 2.9% monthly; up 2.5% annually; £746,288 averageTerraced: down 2.5% monthly; up 0.7% annually; £544,030 average

How do property prices in Waltham Forest compare?

Buyers paid 9.7% less than the average price in London (£530,000) in April for a property in Waltham Forest. Across London, property prices are lower than those across the UK, where the average cost £281,000.

The most expensive properties in London were in Kensington and Chelsea – £1.5 million on average, and 3.2 times as much as more than in Waltham Forest. Kensington and Chelsea properties cost 4.5 times as much as homes in Barking and Dagenham (£336,000 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 April

Waltham Forest: £478,261London:£529,829UK: £281,161

Annual change to April

Waltham Forest: -0.3%London: +7.9%UK: +12.4%

Highest and lowest annual growth in London

Kensington and Chelsea: +26.7%Hammersmith and Fulham: -2.5%