Redbridge house prices dropped slightly in July
PUBLISHED: 07:00 14 October 2020
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House prices dropped slightly in Redbridge in July, new figures show.
The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 0.1 percent annual decline .
The average Redbridge house price in July was £413,871, Land Registry figures show – a 0.3pc decrease on June.
Over the month, the picture was similar to that across London, where prices increased 0.1pc, and Redbridge underperformed compared to the 0.5pc rise for the UK as a whole.
Over the last year, the average sale price of property in Redbridge remained level – putting the area 27th among London’s 33 local authorities for annual growth.
The best annual growth in the region was in Waltham Forest, where properties increased on average by 7.5pc, to £450,000.
At the other end of the scale, properties in Camden dropped 7.9pc in value, giving an average price of £824,000.
Winners and Losers
Owners of detached houses fared worst in Redbridge in July – they dropped 1.2pc in price, to £870,548 on average . But over the last year, prices rose by 1.6pc.
Among other types of property:
•Semi-detached: down 0.2pc monthly; up 1.2pc annually; £572,992 average
•Terraced: down 0.4pc monthly; up 0.9pc annually; £439,356 average
•Flats: down 0.1pc monthly; down 2.4pc annually; £285,548 average
First steps on the property ladder
First-time buyers in Redbridge spent an average of £ 355,800 on their property – £1,400 less than a year ago, and £59,600 more than in July 2015.
By comparison, former owner-occupiers paid £ 462,500 on average in July – 30.0pc more than first-time buyers.
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How do property prices in Redbridge compare?
Buyers paid 14.6pc less than the average price in London (£485,000) in July for a property in Redbridge. Across London, property prices are high compared to those across the UK, where the average cost £238,000.
The most expensive properties in London were in Kensington and Chelsea – £1.2 million on average, and three times as much as in Redbridge. Kensington and Chelsea properties cost 4.1 times as much as homes in Barking and Dagenham (£305,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average July sale price of £1.2 million could buy 14 properties in Burnley (average £91,000).
Average property price in July
Annual growth to July
Best and worst annual growth in London
•Waltham Forest: +7.5pc
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