London Property Price Rises Dragging Down UK

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While Wales and other UK regions enjoyed property price rises as reported yesterday, London Property prices are acting as a drag on the rest of the UK.

London property prices were one of the worst performers in the UK over the last year according to Rightmove figures, with Greater London average asking prices falling by 2.5 per cent annually.

A slump in central London property prices saw average asking prices fall by 3.8 per cent annually to £757,773 in inner-city areas, while the average in outer London, fell 0.9 per cent to £512,726.

This annual decline came despite the usual spring surge in prices, which only drove Greater London up by 1.2 per cent on a monthly basis.

The worst hit area in the capital was Westminster, where average asking prices fell by 6.3 per cent annually – but still ended at an eye-watering £1.4 million. The same was true of Britain’s most expensive area to live, Kensington and Chelsea, where average asking prices fell 3.9 per cent year-on-year to £1.6 million.

Meanwhile in zones one and two, Lambeth fell by 4.7 per cent to £632,590, Hackney fell by 4.9 per cent to £626,000 and Tower Hamlets fell by 6.1 per cent to £559,475.

The only areas to show positive growth in London property prices were the outer lying areas of Barking and Dagenham and Bexley where housing is cheaper.

Barking and Dagenham was the top performer with property price growth of 0.9 per cent, while Bexley enjoyed growth of 0.6 per cent.

Borough

Avg. price May 2019

Monthly change

Annual change

Barking and Dagenham

£316,839

1.0 per cent

0.9 per cent

Bexley

£408,233

1.2 per cent

0.6 per cent

Hammersmith and Fulham

£931,171

0.9 per cent

-0.2 per cent

Sutton

£470,697

2.5 per cent

-0.3 per cent

Southwark

£634,232

-1.8 per cent

-0.5 per cent

Islington

£770,123

1.1 per cent

-0.8 per cent

Hillingdon

£492,585

1.7 per cent

-0.9 per cent

Bromley

£530,492

0.5 per cent

-0.9 per cent

Waltham Forest

£481,926

0.8 per cent

-1.0 per cent

Enfield

£457,398

0.8 per cent

-1.2 per cent

Ealing

£555,611

0.8 per cent

-1.4 per cent

Havering

£406,075

-1.2 per cent

-1.5 per cent

Brent

£577,818

1.5 per cent

-1.5 per cent

Camden

£980,210

1.2 per cent

-1.5 per cent

Newham

£407,868

-0.3 per cent

-1.8 per cent

Merton

£645,116

2.7 per cent

-2.0 per cent

Hounslow

£540,484

-0.9 per cent

-2.0 per cent

Croydon

£437,195

1.2 per cent

-2.2 per cent

Kingston upon Thames

£610,076

0.4 per cent

-2.3 per cent

Harrow

£549,634

0.4 per cent

-2.3 per cent

Redbridge

£451,503

-0.4 per cent

-3.2 per cent

Richmond upon Thames

£832,012

2.7 per cent

-3.3 per cent

Wandsworth

£793,014

-2.4 per cent

-3.5 per cent

Lewisham

£464,200

1.3 per cent

-3.5 per cent

Barnet

£639,192

0.7 per cent

-3.5 per cent

Greenwich

£441,287

-0.1 per cent

-3.5 per cent

Haringey

£602,170

-0.1 per cent

-3.7 per cent

Kensington and Chelsea

£1,590,380

4.8 per cent

-3.9 per cent

Lambeth

£632,590

0.8 per cent

-4.7 per cent

Hackney

£626,095

0.1 per cent

-4.9 per cent

Tower Hamlets

£559,475

-0.5 per cent

-6.1 per cent

Westminster

£1,400,270

-1.7 per cent

-6.3 per cent

 

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