Wandsworth house prices dropped more than London average in August
House prices dropped by 0.3% – more than the average for London – in Wandsworth in August, new figures show.
The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 2.8% annual decline.
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Hide AdThe average Wandsworth house price in August was £627,901, Land Registry figures show – a 0.3% decrease on July.
Over the month, the picture was similar to that across London, where prices decreased 0.1%, and Wandsworth was lower than the 0.3% rise for the UK as a whole.
Over the last year, the average sale price of property in Wandsworth fell by £18,000 – putting the area 26th among London’s 33 local authorities with price data for annual growth.
The highest annual growth in the region was in Haringey, where property prices increased on average by 5.8%, to £630,000. At the other end of the scale, properties in Kensington and Chelsea lost 10.4% of their value, giving an average price of £1,359,000.
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First-time buyers in Wandsworth spent an average of £539,400 on their property – £14,600 less than a year ago, but £9,100 more than in August 2018.
By comparison, former owner-occupiers paid £742,700 on average in August – 37.7% more than first-time buyers.
Property types
Owners of flats saw the biggest fall in property prices in Wandsworth in August – they dropped 0.6% in price, to £520,219 on average. Over the last year, prices dropped by 2.6%.
Among other types of property:
- Detached: up 0.9% monthly; down 1.6% annually; £1,962,085 average
- Semi-detached: up 0.5% monthly; down 2.3% annually; £1,311,957 average
- Terraced: down 0.1% monthly; down 3.2% annually; £905,048 average
How do property prices in Wandsworth compare?
Buyers paid 17.2% more than the average price in London (£536,000) in August for a property in Wandsworth. Across London, property prices are high compared to those across the UK, where the average cost is £291,000.
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Hide AdThe most expensive properties in London were in Kensington and Chelsea – £1.4 million on average, and 2.2 times the price as in Wandsworth. Kensington and Chelsea properties cost 3.9 times the price as homes in Barking and Dagenham (£349,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea (£1.4 million).
Factfile
Average property price in August
- Wandsworth: £627,901
- London:£535,597
- UK: £291,044
Annual change to August
- Wandsworth: -2.8%
- London: -1.4%
- UK: +0.2%
Highest and lowest annual growth in London
- Haringey: +5.8%
- Kensington and Chelsea: -10.4%