Housing prices have dropped in Croydon, according to new figures.

London is known for having expensive property prices, but in Croydon, Land Registry figures show prices have dropped by 0.7 per cent.

The drop in property prices adds to the overall trend of prices going down in the area, where prices have been decreasing by 1.2 per cent each year.

The average Croydon house price in May was £392,840.

In May, the situation in Croydon was different compared to London.

Prices in London went up by 3.9 per cent, while in Croydon, prices only rose by 1.2 per cent, which is lower than the average rise in the UK.

In the past year, property prices in Croydon went down by £4,900 on average.

This makes Croydon the 17th out of 33 areas in London when it comes to price changes.

First-time buyers in Croydon paid around £330,300 for their property, which is £4,000 less than last year but £22,200 more than in May 2019.

On the other hand, former owner-occupiers paid an average of £467,800 in May, which is 41.6 per cent higher than what first-time buyers paid.

In May, flatowners in Croydon saw the biggest decrease in property prices, dropping by 0.9 per cent to an average of £276,796.

In the last year, flat prices have dropped by 1.3 per cent.

Detached houses dropped by 0.4 per cent to an average of £815,795.

Semi-detached houses dropped by 0.6 per cent to an average of £536,715.

Terraced houses dropped by 0.5 per cent to an average of £393,449.

The average property price in Croydon in May was £392,840.

The borough with the highest property increase was Merton, which rose to 4.9 per cent to an average of £588,000. Westminster homes decreased the most, where prices dropped by 22.7 per cent, averaging £933,000.