Wandsworth house prices dropped slightly in June

House prices dropped slightly, by 0.5%, in Wandsworth in June, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 8.3% over the last year.

The average Wandsworth house price in June was £638,841, Land Registry figures show – a 0.5% decrease on May.

Over the month, the picture was different to that across London, where prices increased 1.9%, and Wandsworth was lower than the 1% rise for the UK as a whole.

Over the last year, the average sale price of property in Wandsworth rose by £49,000 – putting the area 12th among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in Kensington and Chelsea, where property prices increased on average by 12.2%, to £1,362,000. At the other end of the scale, properties in Camden gained 1.9% in value, giving an average price of £830,000.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

But activity is starting to slow, with soaring inflation putting household budgets under pressure.

First steps on the property ladder

First-time buyers in Wandsworth spent an average of £550,800 on their property – £39,500 more than a year ago, and £5,000 more than in June 2017.

By comparison, former owner-occupiers paid £752,000 on average in June – 36.5% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices Wandsworth in June – they dropped 2.5% in price, to £1,952,585 on average. But over the last year, prices rose by 13.3%.

Among other types of property:

Semi-detached: down 1.1% monthly; up 11.9% annually; £1,314,362 averageTerraced: down 0.4% monthly; up 10.1% annually; £916,559 averageFlats: down 0.5% monthly; up 7.1% annually; £531,326 average

How do property prices in Wandsworth compare?

Buyers paid 18.8% more than the average price in London (£538,000) in June for a property in Wandsworth. Across London, property prices are higher than those across the UK, where the average cost £286,000.

The most expensive properties in London were in Kensington and Chelsea – £1.4 million on average, and 2.1 times as much as more than in Wandsworth. Kensington and Chelsea properties cost four times as much as homes in Barking and Dagenham (£342,000 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 June

Wandsworth: £638,841London:£537,920UK: £286,397

Annual growth to June

Wandsworth: +8.3%London: +6.3%UK: +7.8%

Highest and lowest annual growth in London

Kensington and Chelsea: +12.2%Camden: +1.9%