House prices drop 3 per cent in Newham to buck trend

PUBLISHED: 07:49 15 July 2011 | UPDATED: 09:04 15 July 2011

Stagnant house prices despite Olympic factor

Stagnant house prices despite Olympic factor

2008 Getty Images

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.

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.

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