Search

Havering house prices see a slight decline in August

PUBLISHED: 07:00 23 October 2018

The latest data from the Office of National Statistics (ONS) shows that the average property prices in the borough. Picture: Joe Giddens / PA

The latest data from the Office of National Statistics (ONS) shows that the average property prices in the borough. Picture: Joe Giddens / PA

PA Wire/PA Images

House prices in Havering declined by 0.2 per cent in August despite witnessing a 1.5pc rise over the last 12 months.

The latest data from the Office of National Statistics (ONS) shows that the average property in the area sold for £373,241 – significantly higher than the UK average of £232,797.

The average homeowner in Havering will have seen their property jump in value by around £147,000 in the last five years.

Buyers who made their first step onto the property ladder in Havering in August spent an average of £316,999 – around £125,000 more than it would have cost them five years ago.

The data comes from the House Price Index, which the ONS compiles using house sale information from the Land Registry, and the equivalent bodies in Scotland and Northern Ireland.

Lawrence Bowles, associate director of the research team at estate agents Savills, said the uncertainty over the outcome of Brexit negotiations was fuelling a “tougher lending environment”.

He said: “House price growth in real terms is slowing, and inflation is growing at the rate we’ve been used to over the last few months. Buyers, sellers and lenders are all thinking maybe they should wait until they see the outcome of negotiations.

“Longer term, the issue we expect to see is affordability, as we expect the Bank of England base rate to be back above 2pc by 2021 – closer to historical levels, rather than the ultra-low rates we have seen in recent years.

“That, combined with stricter affordability stress tests, will make it more difficult for households to demonstrate that they are able to afford mortgages.

“But we would expect to see a bounce at some point, between finding out the Brexit outcome and the start of higher interest rates.”

Between July last year and June this year, the most recent 12 months for which sales volume data is available, 3,391 homes were sold in Havering, 6pc fewer than in the previous year.

The highest house prices in the country in July were found in Kensington and Chelsea, London, where properties sold for an average of £1.35 million.

Latest Romford News Stories

15:00

In the days when water wasn’t safe to drink, even children drank beer, as Prof Ged Martin explains

12:00

Letters, contributions and comments sent in from Recorder readers this week.

Readers may not have heard of Sadiq Khan’s planned expansion of the Ultra Low Emission Zone (ULEZ), but it is set to have a detrimental impact on the hundreds of thousands of people who drive inside the North and South Circulars every day.

Christmas, the time of year when we are pressured to buy things no one wants for people we don’t want to buy for at prices we’re not happy with.

Yesterday, 11:38

Police tasered a man in Collier Row after he threatened officers with a meat cleaver.

Yesterday, 10:00

Wondering what the weather has in store for us this weekend? Watch our Met Office video forecast.

Yesterday, 08:00

The discovery that a man who had been jailed for using his position as a police officer to prey on vulnerable women could have been allowed to work at Queen’s hospital without a compulsory background check is worrying both for staff and patients.

Fri, 17:05

A market trader from Newbury Park has been found guilty of torching a £260,000 Ferrari during an arson attack in Emerson Park that was revenge for a business deal gone wrong.

PROMOTED CONTENT

From November, The Mercury in Romford begins to celebrate Christmas. The mall has plenty of gift ideas, fun events and activities for everyone

Vauxhall has completed its sport utility vehicle range with the third, and largest, Grandland X. We put the SUV, now available at Tony LeVoi in Romford, to the test.

“The time to repair the roof is when the sun is shining,” so the saying goes. So if some warm weather is making your conservatory uninhabitable, think about replacing its roof with a flat one and adding a roof lantern instead.

Newsletter Sign Up

Romford Recorder twice-weekly newsletter
Sign up to receive our regular email newsletter

Our Privacy Policy

Most read news

Hot Jobs

Show Job Lists

Education Promo

News from your area

Digital Edition

cover

Enjoy the
Romford Recorder
e-edition today

Subscribe

Education and Training

cover

Read the
Education and Training
e-edition today

Read Now