House prices drop 3 per cent in Newham to buck trend
House prices in Newham bucked a strong London trend by falling 3 per cent in the second quarter of the year, according to Nationwide data.
The average price of a home in Newham was �217,465, making the borough the second cheapest place in the capital to buy a property, behind Barking and Dagenham, where property prices averaged �189,193.
Dhiren Mistry, sales manager of Albany estate agent’s in Plaistow, said: “There has been a slight drop in the market but nothing substantial.
“There has been a lot of interest and the market is looking healthier overall.”
Mr Mistry said that more credit was beginning to filter through to borrowers leaving people in a better position to buy.
You may also want to watch:
The estate agent added that rental property market was in line for a major boost from the “Olympic effect”.
House prices in London remained robust in the quarter, rising by 2.9 per cent on the previous year.
Most Read
- 1 Ex-police officer among group jailed for £850k intercept from rival gangs
- 2 Vandal targets St Antony statue outside church in Forest Gate
- 3 Lewis Hamilton-backed vegan burger joint to open in Stratford
- 4 Family of man who died after attack in Canning Town pays tribute to a 'loving, generous' father
- 5 Rumours over empty Stratford estate homes quashed in meeting
- 6 Architects awarded £300K contract for Stratford Station makeover
- 7 'Petrified' cat reunited with kittens after 'pursuit' in Canning Town
- 8 Blaze under control at block of flats being built in Canning Town
- 9 Newham charity hands out 500 food parcels to 'vulnerable' international students struggling with Covid-19
- 10 Woman arrested in Custom House fatal stabbing and shooting investigation
The capital was the only region to post year-on-year growth, with prices in the UK dropping by 1.2 per cent to an average of �166,764.
