Waltham Forest house prices increased in February

House prices increased by 1.6% in Waltham Forest in February, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 1.7% annual growth.

The average Waltham Forest house price in February was £487,747, Land Registry figures show – a 1.6% increase on January.

Over the month, the picture was less good than that across London, where prices increased 2.2%, but Waltham Forest outperformed the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Waltham Forest rose by £8,000 – putting the area 29th 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.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in Waltham Forest in February – they increased 1.9%, to £904,480 on average. Over the last year, prices rose by 5.1%.

Among other types of property:

Semi-detached: up 1.6% monthly; up 3.8% annually; £757,378 averageTerraced: up 1.6% monthly; up 2% annually; £550,413 averageFlats: up 1.8% monthly; up 0.8% annually; £374,743 average

First steps on the property ladder

First-time buyers in Waltham Forest spent an average of £460,000 on their property – £6,600 more than a year ago, and £49,800 more than in February 2017.

By comparison, former owner-occupiers paid £515,300 on average in February – 12% more than first-time buyers.

How do property prices in Waltham Forest compare?

Buyers paid 8% less than the average price in London (£530,000) in February for a property in Waltham Forest. 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 2.8 times as much as more than in Waltham Forest. 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

Waltham Forest: £487,747London:£529,882UK: £276,755

Annual growth to February

Waltham Forest: +1.7%London: +8.1%UK: +10.9%

Best and worst annual growth in London

City of London: +15.4%Lewisham: -2%