Wandsworth house prices dropped slightly in April

House prices dropped slightly, by 0.7%, in Wandsworth in April, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 1.4% annual decline.

The average Wandsworth house price in April was £625,562, Land Registry figures show – a 0.7% decrease on March.

Over the month, the picture was different to that across London, where prices increased 2.1%, and Wandsworth was lower than the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Wandsworth fell by £8,700 – putting the area 29th 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 10%, to £511,000. At the other end of the scale, properties in Kensington and Chelsea lost 15.8% of their value, giving an average price of £1,276,000.

First steps on the property ladder

First-time buyers in Wandsworth spent an average of £538,600 on their property – £7,700 less than a year ago, but £16,600 more than in April 2018.

By comparison, former owner-occupiers paid £737,700 on average in April – 37% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in Wandsworth in April – they dropped 1.1% in price, to £894,700 on average. Over the last year, prices dropped by 1.3%.

Among other types of property:

• Detached: down 0.8% monthly; down 2.3% annually; £1,936,760 average
• Semi-detached: down 0.8% monthly; down 1.1% annually; £1,300,135 average
• Flats: down 0.5% monthly; down 1.4% annually; £520,798 average

How do property prices in Wandsworth compare?

Buyers paid 17.2% more than the average price in London (£534,000) in April for a property in Wandsworth. Across London, property prices are high compared to those across the UK, where the average cost £286,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and twice the price as in Wandsworth. Kensington and Chelsea properties cost 3.6 times the price as homes in Barking and Dagenham (£351,000 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 April

• Wandsworth: £625,562
• London:£533,687
• UK: £286,489

Annual change to April

• Wandsworth: -1.4%
• London: +2.4%
• UK: +3.5%

Highest and lowest annual growth in London

• Tower Hamlets: +10%
• Kensington and Chelsea: -15.8%