Wandsworth house prices dropped in March

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

House prices dropped by 1.2% in Wandsworth in March, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 0.6% over the last year.

The average Wandsworth house price in March was £629,588, Land Registry figures show – a 1.2% decrease on February.

Over the month, the picture was similar to that across London, where prices decreased 1.7%.

Over the last year, the average sale price of property in Wandsworth rose by £3,700 – putting the area 28th among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in Tower Hamlets, where property prices increased on average by 11%, to £510,000. At the other end of the scale, properties in Westminster lost 17.4% of their value, giving an average price of £876,000.

First steps on the property ladder

First-time buyers in Wandsworth spent an average of £542,200 on their property – £2,700 more than a year ago, and £21,900 more than in March 2018.

By comparison, former owner-occupiers paid £742,200 on average in March – 36.9% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices Wandsworth in March – they dropped 1.6% in price, to £903,267 on average. But over the last year, prices rose by 1.3%.

Among other types of property:

Detached: down 0.9% monthly; up 1.1% annually; £1,952,422 average
Semi-detached: down 1% monthly; up 1.3% annually; £1,309,700 average
Flats: down 1% monthly; up 0.2% annually; £523,234 average

How do property prices in Wandsworth compare?

Buyers paid 20.3% more than the average price in London (£523,000) in March for a property in Wandsworth. Across London, property prices are high compared to those across the UK, where the average cost £285,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 2.1 times as much as more than in Wandsworth. Kensington and Chelsea properties cost 3.8 times as much as homes in Barking and Dagenham (£347,000 average), at the other end of the scale.

The highest property prices across the UK were in E09000020.

Factfile

Average property price in March

Wandsworth: £629,588
London:£523,325
UK: £285,009

Annual growth to March

Wandsworth: +0.6%
London: +1.5%
UK: +4.1%

Highest and lowest annual growth in London

Tower Hamlets: +11%
Westminster: -17.4%