Waltham Forest house prices increased in July

House prices increased by 2.7% in Waltham Forest in July, new figures show.
File photo dated 14/10/14 of sold and for sale signs. A scramble by buyers to complete before the stamp duty holiday started winding down pushed UK house prices to a record high in June, official figures show. House prices rose by 13.2% over the year to June, faster than at any point since November 2004, according to the Office for National Statistics (ONS). Issue date: Wednesday August 18, 2021.File photo dated 14/10/14 of sold and for sale signs. A scramble by buyers to complete before the stamp duty holiday started winding down pushed UK house prices to a record high in June, official figures show. House prices rose by 13.2% over the year to June, faster than at any point since November 2004, according to the Office for National Statistics (ONS). Issue date: Wednesday August 18, 2021.
File photo dated 14/10/14 of sold and for sale signs. A scramble by buyers to complete before the stamp duty holiday started winding down pushed UK house prices to a record high in June, official figures show. House prices rose by 13.2% over the year to June, faster than at any point since November 2004, according to the Office for National Statistics (ONS). Issue date: Wednesday August 18, 2021.

House prices increased by 2.7% in Waltham Forest in July, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 10.2% annual growth.

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The average Waltham Forest house price in July was £490,728, Land Registry figures show – a 2.7% increase on June.

Over the month, the picture was better than that across London, where prices decreased 2%, and Waltham Forest outperformed the 3.7% drop for the UK as a whole.

Over the last year, the average sale price of property in Waltham Forest rose by £45,000 – putting the area third among London’s 33 local authorities for annual growth.

The best annual growth in the region was in Enfield, where property prices increased on average by 12.7%, to £438,000. At the other end of the scale, properties in City of London lost 10.4% of their value, giving an average price of £705,000.

Winners and Losers

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Owners of flats saw the biggest improvement in property prices in Waltham Forest in July – they increased 3.4%, to £381,278 on average. Over the last year, prices rose by 8.8%.

Among other types of property:

Detached: up 2.8% monthly; up 11.5% annually; £881,083 averageSemi-detached: up 3% monthly; up 11.4% annually; £749,392 averageTerraced: up 2% monthly; up 11.6% annually; £551,154 average

First steps on the property ladder

First-time buyers in Waltham Forest spent an average of £464,000 on their property – £42,000 more than a year ago, and £70,000 more than in July 2016.

By comparison, former owner-occupiers paid £516,000 on average in July – 11.3% more than first-time buyers.

How do property prices in Waltham Forest compare?

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Buyers paid 0.8% less than the average price in London (£495,000) in July for a property in Waltham Forest. Across London, property prices are high compared to those across the UK, where the average cost £256,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 2.7 times as much as in Waltham Forest. Kensington and Chelsea properties cost 4.1 times as much as homes in Barking and Dagenham (£323,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average July sale price of £1.3 million could buy 13 properties in Burnley (average £101,000).

Factfile

Average property price in July

Waltham Forest: £490,728London:£494,673UK: £255,535

Annual growth to July

Waltham Forest: +10.2%London: +2.2%UK: +8%

Best and worst annual growth in London

Enfield: +12.7%City of London: -10.4%