House prices in Croydon have dropped, bucking the trend in the rest of the capital.

The latest Land Registry figures show that the average house price in Croydon has fallen by 0.7% – that’s a £2,750 drop! This downward trend isn’t new in Croydon, with prices steadily decreasing by an average of 1.2% each year.

Compare that to the rest of London, where prices shot up by a massive 3.9% in May. In fact, across the whole UK, prices are rising faster than Croydon.

So, what does this mean for you?

Bargain hunters rejoice! The average house price in Croydon is now a much more affordable £392,840.

First-time buyers can now snap up your first home for around £330,300 – that’s £4,000 less than last year.

Thinking of selling? Don’t panic! While prices may be down slightly, they’re still higher than they were in May 2019. Plus, with prices continuing to soar in the rest of London, your Croydon property could be a tempting prospect for buyers looking for a bargain.

Here’s a breakdown of the Croydon property market:

• Flats: Prices took the biggest hit, dropping by 0.9% to an average of £276,796.
• Detached houses: Dipped by 0.4% to an average of £815,795.
• Semi-detached houses: Fell by 0.6% to an average of £536,715.
• Terraced houses: Down 0.5% to an average of £393,449.

Over in other parts of London…

• Merton: House prices soared by the most, rocketing 4.9% to an average of £588,000.
• Westminster: Prices plummeted by a staggering 22.7%, but still averaged a whopping £933,000!

So, there you have it – the Croydon property market is offering a breath of fresh air for buyers feeling the pinch in London’s overheated market. Is it time to grab yourself a bargain?