Lambeth house prices dropped more than London average in January
House prices dropped by 2.9% – more than the average for London – in Lambeth in January, new figures show.
The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 4.1% annual decline.
Advertisement
Hide AdAdvertisement
Hide AdThe average Lambeth house price in January was £518,451, Land Registry figures show – a 2.9% decrease on December.
Over the month, the picture was worse than that across London, where prices decreased 1.8%, and Lambeth underperformed compared to the 0.4% rise for the UK as a whole.
Over the last year, the average sale price of property in Lambeth fell by £22,000 – putting the area 31st among London’s 33 local authorities with price data for annual growth.
The best annual growth in the region was in Islington, where property prices increased on average by 13.4%, to £760,000. At the other end of the scale, properties in Tower Hamlets lost 5.1% of their value, giving an average price of £438,000.
Advertisement
Hide AdAdvertisement
Hide AdWinners and Losers
Owners of detached houses fared worst in Lambeth in January – they dropped 3.7% in price, to £1,220,779 on average. Over the last year, prices dropped by 1.3%.
Among other types of property:
Semi-detached: down 3.1% monthly; down 2.2% annually; £967,838 averageTerraced: down 2.7% monthly; down 2.8% annually; £754,913 averageFlats: down 2.9% monthly; down 4.7% annually; £445,401 average
First steps on the property ladder
First-time buyers in Lambeth spent an average of £457,300 on their property – £22,300 less than a year ago, but £1,300 more than in January 2017.
By comparison, former owner-occupiers paid £620,700 on average in January – 35.7% more than first-time buyers.
Advertisement
Hide AdAdvertisement
Hide AdHow do property prices in Lambeth compare?
Buyers paid 1.6% more than the average price in London (£510,000) in January for a property in Lambeth. Across London, property prices are roughly the same as those across the UK, where the average cost £274,000.
The most expensive properties in London were in Kensington and Chelsea – £1.4 million on average, and 2.7 times as much as more than in Lambeth. Kensington and Chelsea properties cost 4.1 times as much as homes in Barking and Dagenham (£346,000 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 January
Lambeth: £518,451London:£510,102UK: £273,762
Annual change to January
Lambeth: -4.1%London: +2.2%UK: +9.6%
Best and worst annual growth in London
Islington: +13.4%Tower Hamlets: -5.1%