Average house prices in Greenwich have taken a significant dive, falling by over £10,000 in just one month. This comes from the latest figures released by the Land Registry for November 2023.

Greenwich’s average house prices in November 2023 stood at £414,055, a significant decrease from the £424,932 recorded in October. This represents a 2.6% decline. To add perspective, over the past year, the prices have plummeted by 6.1%.

It wasn’t just a specific type of property that felt the impact – the decrease was across the board:

• Detached Houses: Experienced a drop to £890,533 from October’s £921,491.
• Semi-Detached Houses: Saw a decrease to £630,660, down from £653,191.
• Terraced Houses: Dipped to £471,168 from the previous £487,833.
• Flats: Reduced to £346,176, falling from £351,962.

Greenwich Vs. UK Average

Despite this month’s downturn, Greenwich’s property market remains robust, especially when compared to the national average. The average property value in the UK was £284,950 in November, significantly lower than Greenwich’s average.

Examining the year-on-year data, the average house price in November was £6,142 lower than the previous year. The overall house price growth has decelerated to -2.1% in November 2023, with a -0.8% drop from the previous month.