Lon­don prop­erty mar­ket is now un­der­per­form­ing

DE­CLINE IS MORE MARKED IN THE CAP­I­TAL THAN REST OF THE COUN­TRY

Ruislip & Eastcote & Northwood Gazette - - News -

ACROSS Lon­don, prop­erty prices have fallen by 0.3% in the last year, to an av­er­age of £482,241. The re­gion un­der­per­formed com­pared to the UK as whole, which saw the av­er­age prop­erty value in­crease by 3.5%.

The data comes from the House Price In­dex, which the Of­fice for Na­tional Sta­tis­tics (ONS) com­piles us­ing house sale in­for­ma­tion from the Land Reg­istry, and the equiv­a­lent bod­ies in Scotland and North­ern Ire­land.

Frances Clacy, re­search an­a­lyst at es­tate agents Sav­ills, said a slow­down in growth com­pared to the pre­vi­ous year was caused by more strin­gent lend­ing cri­te­ria.

She said: “The higher value mar­kets of Lon­don, the South East and the East of Eng­land, where af­ford­abil­ity is most stretched, have been par­tic­u­larly im­pacted. For the cap­i­tal, house prices are now lower than they were a year ago.

“Eco­nomic and po­lit­i­cal un­cer­tainty, par­tic­u­larly sur­round­ing the out­come of Brexit, also means buyers have be­come more cau­tious.

But how have house prices fared in Hilling­don, Houn­slow, Eal­ing and Har­row? We have all the data.

Hilling­don

House prices in Hilling­don de­clined slightly, by 0.2%, in Septem­ber, con­tribut­ing to a 0.5% fall over the last 12 months.

ONS fig­ures show that the av­er­age prop­erty in the area sold for £417,173 – sig­nif­i­cantly higher than the UK av­er­age of £232,554. Another bonus for Hilling­don home­own­ers is that they will have seen their prop­erty rise in value by about £144,000 in the last five years.

The fig­ures also showed that buyers who made their first step onto the prop­erty lad­der in Hilling­don in Septem­ber spent an av­er­age of £349,305 – around £121,000 more than it would have cost them five years ago.

But home sales were down by 6% be­tween July and Au­gust, when 3,005 were sold.

The high­est house prices in the coun­try in Septem­ber were found in Lon­don’s Kens­ing­ton and Chelsea, where prop­er­ties sold for an av­er­age of £1.5 mil­lion – 19 times the cost of a home in Burn­ley, where the av­er­age prop­erty cost just £79,400.

Houn­slow

In Houn­slow, house prices re­mained unchanged in Septem­ber, even though they went up by 0.5% over the last 12 months.

The lat­est data from the ONS shows that the av­er­age prop­erty in the area sold for £399,395, mean­ing a home­owner will have seen their prop­erty jump in value by just shy of £100,000 over five years.

First time buyers in Septem­ber spent an av­er­age of £359,033 – around £89,000 more than it would have cost them five years ago.

Be­tween Au­gust last year and July this year, the most re­cent 12 months for which sales vol­ume data is avail­able, 2,522 homes were sold in Houn­slow, 4% fewer than in the pre­vi­ous year.

Eal­ing

House prices in Eal­ing in­creased by 1.3% in Septem­ber, con­tribut­ing to a 1.1% rise over past year.

ONS data shows that the av­er­age prop­erty in the area sold for £494,459, well more than twice the na­tional av­er­age, while Eal­ing home­own­ers will have seen their prop­erty jump in value by around £146,000 in the last five years.

First time buyers in Eal­ing in Septem­ber spent an av­er­age of £437,086 – £129,000 more than it would have cost them half a decade ago.

Be­tween Au­gust last year and July this year 2,628 homes were sold in Eal­ing, 10% fewer than in the pre­vi­ous pe­riod.

Har­row

House prices in Har­row leapt by 3.8% in Septem­ber, con­tribut­ing to a 1.7% rise over the last 12 months.

The lat­est data from the Of­fice of Na­tional Sta­tis­tics shows that the av­er­age prop­erty in the area sold for £478,816

The av­er­age home­owner in Har­row will have seen their prop­erty jump in value by around £153,000 in the last five years.

The fig­ures also showed that buyers who made their first step onto the prop­erty lad­der in Har­row in Septem­ber spent an av­er­age of £401,918 – around £129,000 more than it would have cost them five years ago.

IM­AGE: LAU­REN HUR­LEY/ PA WIRE

House prices dropped slightly in Hilling­don but Eal­ing bucked the Lon­don trend

BILL BRANDT/PIC­TURE POST/ GETTY IMAGES

For sale signs in Lon­don, circa 1942

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