House prices dropped by £16,000 across Redbridge and Havering last year
PUBLISHED: 07:00 17 January 2020
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House prices fell by almost 4per cent across Redbridge and Havering last year.
Across England house prices went up 1.7pc according to government figures released on Wednesday, January 16.
But the story was quite different in Redbridge and Havering with prices down 3.8pc and 2.7pc respectively in November 2019 compared to the year before.
The average price for a house in Redbridge was £430,046 in 2018 but that number dropped more than £16,000 to £413,676 last year.
However, house prices have sharply increased across Redbridge in the past 20 years with a recent report by Halifax bank showing that prices have risen almost 350pc in that period.
The November 2018 figures represented the highest reported prices in Redbridge but the figures have steadily dropped since then to numbers not seen since 2017.
In Havering prices were down more than £10,000 with average prices in 2019 dropping to £361,714.
Across the whole of London average house prices increased by 0.2pc in the year to November, up from a fall of 0.5pc in October.
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Semi-detached houses showed the biggest price rise out of all property types across England, growing by 2.6pc in the year to £237,000.
The slowest growth was in flats and maisonettes, which increased by 0.4pc in the year to £227,000 across the country.
In Redbridge the average price of a flat fell by almost £15,000 to £290,210.
The average price of a flat in Havering was £239,107, dropping more than £9,436 from the year before.
At the top of the market are detached houses which went for almost £900,000 in Redbridge in November 2018 but dropped to £869,259 last year.
In Havering a detached house went for £693,210, down from £710,676 in 2018.
The cheapest borough to purchase a property was Barking and Dagenham, where the average cost was £317,000 compared to Kensington and Chelsea, where the average was £1.2million.
For first time buyer the average price of a home across London was £414,952.