House prices dropped by 2.3% – more than the average for London – in Bromley in July, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 8.1% annual growth.

The average Bromley house price in July was £464,008, Land Registry figures show – a 2.3% decrease on June.

Over the month, the picture was similar to that across London, where prices decreased 2%, and Bromley outperformed the 3.7% drop for the UK as a whole.

Over the last year, the average sale price of property in Bromley rose by £35,000 – putting the area seventh among London’s 33 local authorities for annual growth.

The best annual growth in the region was in Enfield, where property prices increased on average by 12.7%, to £438,000. At the other end of the scale, properties in City of London lost 10.4% of their value, giving an average price of £705,000.

Winners and Losers

Owners of terraced houses fared worst in Bromley in July – they dropped 2.8% in price, to £298,903 on average. But over the last year, prices rose by 8.9%.

Among other types of property:

Detached: down 2.2% monthly; up 9.7% annually; £938,393 average

Semi-detached: down 2.2% monthly; up 9.3% annually; £569,748 average

Flats: down 1.9% monthly; up 6% annually; £298,903 average

First steps on the property ladder

First-time buyers in Bromley spent an average of £365,000 on their property – £25,000 more than a year ago, and £13,000 more than in July 2016.

By comparison, former owner-occupiers paid £534,000 on average in July – 46.2% more than first-time buyers.

How do property prices in Bromley compare?

Buyers paid 6.2% less than the average price in London (£495,000) in July for a property in Bromley. Across London, property prices are high compared to those across the UK, where the average cost £256,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 2.9 times as much as in Bromley. Kensington and Chelsea properties cost 4.1 times as much as homes in Barking and Dagenham (£323,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average July sale price of £1.3 million could buy 13 properties in Burnley (average £101,000).

Factfile

Average property price in July

Bromley: £464,008

London: £494,673

UK: £255,535

Annual growth to July

Bromley: +8.1%

London: +2.2%

UK: +8%

Best and worst annual growth in London

Enfield: +12.7%

City of London: -10.4%

Have you got a story for us? You can contact us here.

Follow us on FacebookTwitter and Instagram to keep up with all the latest news.

Sign up to our newsletters to get updates sent straight to your inbox.