Lambeth house prices dropped slightly in March
House prices dropped slightly, by 0.4%, in Lambeth in March, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 1.4% annual growth.
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Hide AdThe average Lambeth house price in March was £542,820, Land Registry figures show – a 0.4% decrease on February.
Over the month, the picture was better than that across London, where prices decreased 0.9%, but Lambeth underperformed compared to the 0.3% rise for the UK as a whole.
Over the last year, the average sale price of property in Lambeth rose by £7,700 – putting the area 29th among London’s 33 local authorities with price data 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. At the other end of the scale, properties in Lewisham lost 0.5% of their value, giving an average price of £447,000.
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Hide AdWinners and Losers
Owners of flats fared worst in Lambeth in March – they dropped 0.4% in price, to £466,162 on average. But over the last year, prices rose by 0.9%.
Among other types of property:
Detached: down 0.1% monthly; up 5% annually; £1,287,827 averageSemi-detached: up 0.1% monthly; up 4.2% annually; £1,021,545 averageTerraced: down 0.3% monthly; up 2.6% annually; £789,141 average
First steps on the property ladder
First-time buyers in Lambeth spent an average of £479,900 on their property – £5,300 more than a year ago, and £23,900 more than in March 2017.
By comparison, former owner-occupiers paid £647,300 on average in March – 34.9% more than first-time buyers.
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Hide AdHow do property prices in Lambeth compare?
Buyers paid 3.7% more than the average price in London (£524,000) in March for a property in Lambeth. Across London, property prices are higher 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 2.7 times as much as more than in Lambeth. 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
Lambeth: £542,820London:£523,666UK: £278,436
Annual growth to March
Lambeth: +1.4%London: +4.8%UK: +9.8%
Best and worst annual growth in London
Kensington and Chelsea: +20.3%Lewisham: -0.5%