Wandsworth house prices dropped in December

General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.

House prices dropped by 3.5% in Wandsworth in December, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 3.9% annual decline.

The average Wandsworth house price in December was £607,259, Land Registry figures show – a 3.5% decrease on November.

Over the month, the picture was different to that across London, where prices remained static, and Wandsworth was lower than the 0.1% rise for the UK as a whole.

Over the last year, the average sale price of property in Wandsworth fell by £25,000 – putting the area 16th among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in Richmond, where property prices increased on average by 3%, to £758,000. At the other end of the scale, properties in City of London lost 17.8% of their value, giving an average price of £802,000.

First steps on the property ladder

First-time buyers in Wandsworth spent an average of £521,670 on their property – £21,680 less than a year ago, but £120 more than in December 2018.

By comparison, former owner-occupiers paid £718,240 on average in December – 37.7% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in Wandsworth in December – they dropped 6.7% in price, to £1,753,050 on average. Over the last year, prices dropped by 9.9%.

Among other types of property:

Semi-detached:

Terraced:

Flats:

How do property prices in Wandsworth compare?

Buyers paid 19.5% more than the average price in London (£508,000) in December for a property in Wandsworth. Across London, property prices are high compared to those across the UK, where the average cost is £285,000.

The most expensive properties in London were in Kensington and Chelsea – £1.1 million on average, and 1.9 times the price as in Wandsworth. Kensington and Chelsea properties cost 3.3 times the price as homes in Barking and Dagenham (£340,000 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 December

Wandsworth: £607,259
London:£508,037
UK: £284,691

Annual change to December

Wandsworth: -3.9%
London: -4.8%
UK: -1.4%

Highest and lowest annual growth in London

Richmond: +3%
City of London: -17.8%