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.

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.

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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.