Lambeth house prices dropped more than London average in May

General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.

House prices dropped by 1.8% – more than the average for London – in Lambeth in May, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 1.9% over the last year.

The average Lambeth house price in May was £545,537, Land Registry figures show – a 1.8% decrease on April.

Over the month, the picture was different to that across London, where prices decreased 1.2%, and Lambeth was lower than the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in Lambeth rose by £10,000 – putting the area 15th among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in City of London, where property prices increased on average by 24.1%, to £988,000. At the other end of the scale, properties in Kensington and Chelsea lost 13.4% of their value, giving an average price of £1,314,000.

First steps on the property ladder

First-time buyers in Lambeth spent an average of £480,600 on their property – £8,500 more than a year ago, and £17,000 more than in May 2018.

By comparison, former owner-occupiers paid £654,000 on average in May – 36.1% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in Lambeth in May – they dropped 3% in price, to £1,289,332 on average. Over the last year, prices dropped by 0.9%.

Among other types of property:

Semi-detached:

Terraced:

Flats:

How do property prices in Lambeth compare?

Buyers paid 3.8% more than the average price in London (£526,000) in May for a property in Lambeth. Across London, property prices are high compared to those across the UK, where the average cost is £286,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 2.4 times the price as in Lambeth. Kensington and Chelsea properties cost 3.7 times the price as homes in Barking and Dagenham (£356,000 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 May

Lambeth: £545,537
London:£525,629
UK: £285,861

Annual growth to May

Lambeth: +1.9%
London: +0.8%
UK: +1.9%

Highest and lowest annual growth in London

City of London: +24.1%
Kensington and Chelsea: -13.4%