Lambeth house prices increased in February

House prices increased by 1.7% in Lambeth in February, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 0.7% annual growth.

The average Lambeth house price in February was £534,275, Land Registry figures show – a 1.7% increase on January.

Over the month, the picture was less good than that across London, where prices increased 2.2%, but Lambeth outperformed the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Lambeth rose by £3,800 – 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 City of London, where property prices increased on average by 15.4%, to £840,000. At the other end of the scale, properties in Lewisham lost 2% of their value, giving an average price of £436,000.

Winners and Losers

Owners of flats saw the biggest improvement in property prices in Lambeth in February – they increased 1.8%, to £459,407 on average. Over the last year, prices rose by 0.3%.

Among other types of property:

Detached: up 1.1% monthly; up 3.2% annually; £1,255,582 averageSemi-detached: up 1.3% monthly; up 2.5% annually; £997,003 averageTerraced: up 1.3% monthly; up 1.7% annually; £776,301 average

First steps on the property ladder

First-time buyers in Lambeth spent an average of £472,100 on their property – £1,600 more than a year ago, and £17,900 more than in February 2017.

By comparison, former owner-occupiers paid £637,700 on average in February – 35.1% more than first-time buyers.

How do property prices in Lambeth compare?

Buyers paid 0.8% more than the average price in London (£530,000) in February for a property in Lambeth. Across London, property prices are roughly the same as those across the UK, where the average cost £277,000.

The most expensive properties in London were in Kensington and Chelsea – £1.4 million on average, and 2.6 times as much as more than in Lambeth. Kensington and Chelsea properties cost 4.1 times as much as homes in Barking and Dagenham (£341,000 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 February

Lambeth: £534,275London:£529,882UK: £276,755

Annual growth to February

Lambeth: +0.7%London: +8.1%UK: +10.9%

Best and worst annual growth in London

City of London: +15.4%Lewisham: -2%