Lewisham house prices increased in March
House prices increased by 2.8% in Lewisham in March, new figures show.
But the boost does not reverse the longer-term trend, which has seen property prices in the area suffer a 0.5% annual decline – the worst in the UK.
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Hide AdThe average Lewisham house price in March was £446,777, Land Registry figures show – a 2.8% increase on February.
Over the month, the picture was better than that across London, where prices decreased 0.9%, and Lewisham outperformed the 0.3% rise for the UK as a whole.
Over the last year, the average sale price of property in Lewisham fell by £2,300 – putting the area bottom of the UK’s local authorities for annual growth.
The best annual growth in the region was in Kensington and Chelsea, where property prices increased on average by 20.3%, to £1,452,000.
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Hide AdWinners and Losers
Owners of semi-detached houses saw the biggest improvement in property prices in Lewisham in March – they increased 3.4%, to £757,577 on average. Over the last year, prices rose by 2.4%.
Among other types of property:
Detached: up 3.1% monthly; up 3.7% annually; £946,654 averageTerraced: up 3.1% monthly; up 0.5% annually; £545,931 averageFlats: up 2.4% monthly; down 1.7% annually; £360,909 average
First steps on the property ladder
First-time buyers in Lewisham spent an average of £386,400 on their property – £4,100 less than a year ago, but £24,600 more than in March 2017.
By comparison, former owner-occupiers paid £542,300 on average in March – 40.4% more than first-time buyers.
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Hide AdHow do property prices in Lewisham compare?
Buyers paid 14.7% less than the average price in London (£524,000) in March for a property in Lewisham. Across London, property prices are lower than those across the UK, where the average cost £278,000.
The most expensive properties in London were in Kensington and Chelsea – £1.5 million on average, and 3.2 times as much as more than in Lewisham. Kensington and Chelsea properties cost 4.2 times as much as homes in Barking and Dagenham (£342,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Factfile
Average property price in March
Lewisham: £446,777London:£523,666UK: £278,436
Annual change to March
Lewisham: -0.5%London: +4.8%UK: +9.8%
Best and worst annual growth in London
Kensington and Chelsea: +20.3%Lewisham: -0.5%