Lambeth house prices dropped more than London average in November

House prices dropped by 2.8% – more than the average for London – in Lambeth in November, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 0.8% annual decline.

The average Lambeth house price in November was £548,093, Land Registry figures show – a 2.8% decrease on October.

Over the month, the picture was different to that across London, where prices decreased 2.2%, and Lambeth was lower than the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in Lambeth fell by £4,700 – putting the area eighth among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in Richmond, where property prices increased on average by 4.2%, to £778,000. At the other end of the scale, properties in City of London lost 27.7% of their value, giving an average price of £727,000.

First steps on the property ladder

First-time buyers in Lambeth spent an average of £481,700 on their property – £4,900 less than a year ago, but £24,000 more than in November 2018.

By comparison, former owner-occupiers paid £660,000 on average in November – 37% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in Lambeth in November – they dropped 4.5% in price, to £1,271,774 on average. Over the last year, prices dropped by 5%.

Among other types of property:

How do property prices in Lambeth compare?

Buyers paid 8.5% more than the average price in London (£505,000) in November for a property in Lambeth. Across London, property prices are high compared to those across the UK, where the average cost is £285,000.

The most expensive properties in London were in Kensington and Chelsea – £1.1 million on average, and 2.1 times the price as in Lambeth. Kensington and Chelsea properties cost 3.2 times the price as homes in Barking and Dagenham (£354,000 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 November

• Lambeth: £548,093
• London:£505,283
• UK: £284,950

Annual change to November

• Lambeth: -0.8%
• London: -6%
• UK: -2.1%

Highest and lowest annual growth in London

• Richmond: +4.2%
• City of London: -27.7%