Wandsworth house prices dropped in July

House prices dropped by 1.5% in Wandsworth 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 dropped by 1.5% in Wandsworth in July, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 0.9% annual growth.

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The average Wandsworth house price in July was £600,530, Land Registry figures show – a 1.5% decrease on June.

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

Over the last year, the average sale price of property in Wandsworth rose by £5,200 – putting the area 25th 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 detached houses fared worst in Wandsworth in July – they dropped 2.8% in price, to £506,473 on average. But over the last year, prices rose by 1.5%.

Among other types of property:

Semi-detached: down 2.1% monthly; up 1.7% annually; £1,181,176 averageTerraced: down 1.6% monthly; up 3.1% annually; £844,856 averageFlats: down 1.4% monthly; remained level over the year; £506,473 average

First steps on the property ladder

First-time buyers in Wandsworth spent an average of £520,700 on their property – £1,700 more than a year ago, and £17,400 less than in July 2016.

By comparison, former owner-occupiers paid £701,600 on average in July – 34.8% more than first-time buyers.

How do property prices in Wandsworth compare?

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Buyers paid 21.4% more than the average price in London (£495,000) in July for a property in Wandsworth. 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 2.2 times as much as in Wandsworth. 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

Wandsworth: £600,530London:£494,673UK: £255,535

Annual growth to July

Wandsworth: +0.9%London: +2.2%UK: +8%

Best and worst annual growth in London

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