New data shows Dacorum house prices dropped more than East of England average

House prices dropped by two per cent – more than the average for the East of England – in Dacorum, the latest figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 3.8 per cent annual decline.

The average Dacorum house price in December was £458,877, Land Registry figures show – a two per cent decrease on November.

Over the month, the picture was different to that across the East of England, where prices decreased 0.5 per cent, and Dacorum was lower than the 0.1per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Dacorum fell by £18,000 – putting the area 28th among the East of England’s 45 local authorities with price data for annual growth.

The highest annual growth in the region was in East Cambridgeshire, where property prices increased on average by 3.8 per cent, to £357,000. At the other end of the scale, properties in Welwyn Hatfield lost 9.5 per cent of their value, giving an average price of £400,000.

First steps on the property ladder

First-time buyers in Dacorum spent an average of £360,000 on their property – £15,000 less than a year ago, but £35,000 more than in December 2018.

By comparison, former owner-occupiers paid £542,000 on average in December – just over 50 per cent more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in Dacorum in December – they dropped 2.9 per cent in price, to £965,325 on average. Over the last year, prices dropped by 4.3 per cent.

Among other types of property:

· Semi-detached: down 1.8 per cent monthly and 2.8 per cent annually, with just under £536,000 being the average cost

· Terraced: down 2.2 per cent monthly and 4.7 per cent annually, with around £398,900 for the average price

· Flats: down 1.2 per cent monthly and 3.3 per cent annually, with an £272,977 average price.

How do property prices in Dacorum compare?

Buyers paid 34 per cent more than the average price in the East of England (£342,000) in December for a property in Dacorum. Across the East of England, property prices are high compared to those across the UK, where the average cost is £285,000.

The most expensive properties in the East of England were in Three Rivers – £583,000 on average, and 1.3 times the price as in Dacorum. Three Rivers properties cost nearly three times the price as homes in Great Yarmouth (£212,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in December

Dacorum: £458,877

The East of England: £342,489

UK: £284,691

Annual change to December

Dacorum: -3.8 per cent

The East of England: -3.8 per cent

UK: -1.4 per cent

Highest and lowest annual growth in the East of England

East Cambridgeshire: +3.8 per cent

Welwyn Hatfield: -9.5 per cent