This post was first published by Croydon Advertiser on 23/05/2018.
House prices in Croydon fall by largest amount in six years
Could this make it easier for people looking to get on the property ladder?
House prices in Croydon saw their biggest drop in six-and-a-half years in March 2018.
Prices in the borough fell by 1.4% on average in the year to March, the biggest annual drop since a fall of 1.9% in the year to October 2011.
It is also the first time prices have fallen in the area since that month in 2011.
The average price of a home in Croydon fell from £368,767 in March 2017 to £363,472 in March 2018, according to latest figures released by the Office for National Statistics (ONS) on Wednesday (May 23).
London was the only part of England and Wales to see house prices drop in the year to March, with a fall of 0.7%.
This means average prices in the capital have fallen from £475,222 in March 2017 to £471,944 in March 2018.
The drop was the biggest annual fall seen since prices fell 3.2% in the year to September 2009.
Across the UK, average house prices have increased by 4.2% in the year to March 2018 (unchanged from February 2018).
The annual growth rate has slowed since mid-2016 but has remained under 5%, with the exception of October 2017, throughout 2017 and into 2018. Average house prices in the UK decreased by 0.2% on the month.
The average UK house price was £224,000 in March 2018. This is £9,000 higher than in March 2017 and £500 lower than last month.
The East of England showed the highest annual growth, with prices increasing by 5.8% in the year to March 2018. This was followed by the East Midlands (5.6%).
According to Land Registry data, these were the most expensive and cheapest roads to live on in Croydon in 2017:
The 10 most expensive streets in Croydon
Kenley Lane, Kenley – £1,896,667
Woodcote Park Avenue, Purley – £1,286,667
Fitzjames Avenue, Shirley – £1,142,667
Furze Lane, Purley – £1,043,333
Selcroft Road, Purley – £931,667
Norbury Hill, Norbury – £918,333
Welcomes Road, Kenley – £841,500
Boxford Close, South Croydon – £835,000
Purley Downs Road, South Croydon – £831,583
Monahan Avenue, Purley – £831,250
The 10 least expensive streets in Croydon
Addiscombe Grove, Croydon – £104,333
Hadleigh Grove, Coulsdon – £136,900
Fairfield Path, Croydon – £148,750
Station Road, South Norwood – £171,667
Crown Hill, Croydon – £177,229
Partridge Knoll, Purley – £179,833
Penge Road, South Norwood – £185,000
Holmesdale Road, South Norwood – £195,000
Marston Way, Upper Norwood – £199,367
St James’s Road, Croydon – £201,857