Wandsworth house prices dropped in January

House prices dropped by 1.4% in Wandsworth in January, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 0.1% annual growth.

The average Wandsworth house price in January was £606,382, Land Registry figures show – a 1.4% decrease on December.

Over the month, the picture was similar to that across London, where prices decreased 1.8%, but Wandsworth underperformed compared to the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in Wandsworth rose by £850 – putting the area 27th among London’s 33 local authorities with price data for annual growth.

The best annual growth in the region was in Islington, where property prices increased on average by 13.4%, to £760,000. At the other end of the scale, properties in Tower Hamlets lost 5.1% of their value, giving an average price of £438,000.

Winners and Losers

Owners of detached houses fared worst in Wandsworth in January – they dropped 3.1% in price, to £1,796,681 on average. But over the last year, prices rose by 3%.

Among other types of property:

Semi-detached: down 2% monthly; up 2% annually; £1,222,471 averageTerraced: down 1.2% monthly; up 1.5% annually; £864,066 averageFlats: down 1.4% monthly; down 0.7% annually; £507,087 average

First steps on the property ladder

First-time buyers in Wandsworth spent an average of £522,300 on their property – £2,700 less than a year ago, and £7,300 less than in January 2017.

By comparison, former owner-occupiers paid £714,800 on average in January – 36.9% more than first-time buyers.

How do property prices in Wandsworth compare?

Buyers paid 18.9% more than the average price in London (£510,000) in January for a property in Wandsworth. Across London, property prices are higher than those across the UK, where the average cost £274,000.

The most expensive properties in London were in Kensington and Chelsea – £1.4 million on average, and 2.3 times as much as more than in Wandsworth. Kensington and Chelsea properties cost 4.1 times as much as homes in Barking and Dagenham (£346,000 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 January

Wandsworth: £606,382London:£510,102UK: £273,762

Annual growth to January

Wandsworth: +0.1%London: +2.2%UK: +9.6%

Best and worst annual growth in London

Islington: +13.4%Tower Hamlets: -5.1%