Average house price growth in east London slower than UK, latest figures say
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Average house prices have hit record highs in Barking and Dagenham, Havering, and Redbridge, according to latest statistics.
Figures from the Office for National Statistics (ONS) showed that average prices in Redbridge rose to £452,547 in June, while Havering grew to £394,579, and Barking and Dagenham recorded a high of £319,220.
In Tower Hamlets, average prices dropped slightly to £468,117, while Newham saw a modest rise to £388,708, not enough to match the record high in March 2021.
London’s property market experienced significantly smaller price increases than the rest of the country.
Annual rates of property inflation across east London have returned to levels last seen in 2017 and are below the UK-wide rate of 13.2 per cent, the highest since November 2004, data revealed.
The average UK house price rose £11,000 in one month to a record £265,668 in June.
Mike Hardie, head of prices at the ONS, put the growth down to “a rush to complete purchases before changes to the stamp duty holiday came into effect at the end of June.”
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The start of July marked the deadline for the threshold for paying stamp duty to drop to £250,000, ahead of a return to its pre-Covid level of £125,000 from October.
Redbridge saw one of the higher rates of property inflation in east London at 9.3pc, according to the figures, followed by Barking and Dagenham at 6.8pc, Havering at 6.3pc, Tower Hamlets at 4.2pc, and Newham at 2.2pc.
Redbridge and Havering also experienced a spike in sales in March 2021, with the latter recording the second-highest since records began – 546, compared with 561 in August 2001.
Tom Bill, head of UK residential research at Knight Frank, said that the price growth recorder in June was likely to be this year’s peak.
He said: “Price rises are now narrowing as the UK housing market puts the distortions of the last 18 months behind it.
“The stamp duty holiday is winding down at the same time as people are focussing on their summer break, which has taken some of the heat out of the market.”
He said that he expected UK price growth to end the year at around 5pc.