One East London borough saw the lowest average house price in the capital, even though they increased by 2.1% in April, new figures show. But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 2.3% annual decline.
The average Barking and Dagenham house price in April was £333,425. Land Registry figures show a 2.1% increase on March. Over the month, the picture was different to that across London, where prices decreased 0.2%, and Barking and Dagenham was above the 0.3% rise for the UK as a whole.
Over the last year, the average sale price of property in Barking and Dagenham fell by £7,800 putting the area 14th among London’s 33 local authorities with price data for annual growth. The highest annual growth in the region was in Hackney, where property prices increased on average by 3.5%, to £611,000. At the other end of the scale, properties in Kensington and Chelsea lost 17.6% of their value, giving an average price of £1,110,000.
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First steps on the property ladder
First-time buyers in Barking and Dagenham spent an average of £315,600 on their property £6,900 less than a year ago, but £35,700 more than in April 2019. By comparison, former owner-occupiers paid £361,200 on average in April 14.4% more than first-time buyers.
Property types
Owners of semi-detached houses saw the biggest rise in property prices in Barking and Dagenham in April they increased 2.3%, to £435,311 on average. Over the last year, prices dropped by 2.1%.
Among other types of property:
Detached: up 1.5% monthly; down 5% annually; £602,466 average
Terraced: up 2% monthly; down 2% annually; £366,102 average
Flats: up 2.2% monthly; down 2.9% annually; £244,537 average
How do property prices in Barking and Dagenham compare?
Buyers paid less for properties in Barking and Dagenham than anywhere else in London in April. The average price paid in Kensington and Chelsea (£1.1 million), at the other end of the scale, would buy 3.3 homes in Barking and Dagenham. The highest property prices across the UK were in Kensington and Chelsea. Across London, property prices are high compared to those across the UK, where the average cost is £281,000.
Average property price in April
Barking and Dagenham: £333,425
London: £501,880
UK: £281,373
Annual change to April
Barking and Dagenham: -2.3%
London: -3.9%
UK: +1.1%
Highest and lowest annual growth in London
Hackney: +3.5%
Kensington and Chelsea: -17.6%
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