Average house prices in Havering have fallen to their lowest in the last 18 months, according to new figures.

Data from the Office for National Statistics and the Land Registry revealed that the average price in Havering in December 2023 was £405,801 compared to £435,837 a year ago in December 2022.

The last time house prices in Havering were below this range was in February 2022, when the average was at £405,147.

In comparison, the average house prices in Newham and Redbridge in December 2023 were £424,253 and £459,823 respectively, whereas the average in Barking and Dagenham was much lower at £340,485.

These prices are still less than the average price of £470,273 for a house in outer London overall in that month.

Read More: Romford man's fury at Havering Council as it won't give back property

The trend is reflected in the overall fall in property prices across the UK, with the ONS revealing a decrease of 1.4 per cent in the 12 months to December 2023.

In terms of Index Price, Havering saw a sharp dip as it went down from 156.9 in December 2022 to 146.1 in December 2023. The index for the borough was last this low in February 2022 last when it was 145.9.

A house price index is a number that captures the changes in the value of residential properties in the UK.

It is calculated using sales data collected on residential housing transactions, whether in cash or with a mortgage. A higher value of index implies the property value has changed more considerably.

The index for December 2023 in Barking and Dagenham was at 154.7 whereas it was at 111.3 in Tower Hamlets

GBP Estates, which has served Romford for several years, said on its website on February 20: “In Romford, the local housing market mirrors the national trend.

“The town's rich history, excellent transport links, schools, and community spirit make it a continued area of interest for buyers.

"However, the anticipated continued market stability suggests that homeowners might benefit from waiting unless there's a need to sell."

The latest property data published by Land Registry can be found on this link: https://www.gov.uk/government/collections/uk-house-price-index-reports