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House prices in Waltham Forest dropped more than London average in May

Property prices in the borough dropped 1.7% compared to the London-wide drop of 1.2%

House prices in Waltham Forest dropped more than the London average in May, figures from the Land Registry show.

According to fresh data, house prices in the borough dropped 1.7% compared to the London-wide drop of 1.2%. Prices across the UK as a whole stayed stagnant. 

Despite the May house price drop, Waltham Forest remains a hotspot for property purchases in London, however. Last year the average sale price of a Waltham Forest property rose by £19,000 – the eighth highest local authority growth rate in the capital. 

According to the Land Registry data, owners of detached properties in May saw a 2.2% decrease in price to an average of £934,756. House prices are still on the up though, as prices for detached properties in the borough rose 3.5% last year. Semi detached properties decreased in price by 2.1% in May to an average of £789,318.

Terraced houses decreased in value in May by 1.7% to an average of £573,910 while flats were down 1.6% to a £381,518 average. 

The average property prices in Waltham Forest is £504,472 which compares to the London average of £525,629 and the UK average of £285,861.

Again, despite falling more in May, average yearly house price growth is higher in the borough than in London overall. The annual growth to May 2023 in Waltham Forest was 3.9% while for London as whole it was just 0.8%.