Lambeth house prices increased in October

House prices increased by 1.5% in Lambeth in October, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 0.2% annual growth.

The average Lambeth house price in October was £542,961, Land Registry figures show – a 1.5% increase on September.

Over the month, the picture was similar to that across London, where prices increased 1.9%, and Lambeth outperformed the 1.1% drop for the UK as a whole.

Over the last year, the average sale price of property in Lambeth rose by £860 – putting the area 28th among London’s 33 local authorities with price data for annual growth.

The best annual growth in the region was in Redbridge, where property prices increased on average by 12.8%, to £482,000. At the other end of the scale, properties in Tower Hamlets lost 12.5% of their value, giving an average price of £418,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in Lambeth in October – they increased 5%, to £1,277,010 on average. Over the last year, prices rose by 2.8%.

Among other types of property:

Semi-detached: up 3.2% monthly; up 1.4% annually; £1,010,476 averageTerraced: up 2.2% monthly; up 0.8% annually; £784,430 averageFlats: up 1.1% monthly; down 0.2% annually; £467,560 average

First steps on the property ladder

First-time buyers in Lambeth spent an average of £479,820 on their property – £640 less than a year ago, but £13,790 more than in October 2016.

By comparison, former owner-occupiers paid £647,870 on average in October – 35% more than first-time buyers.

How do property prices in Lambeth compare?

Buyers paid 5.2% more than the average price in London (£516,000) in October for a property in Lambeth. Across London, property prices are higher than those across the UK, where the average cost £268,000.

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 4.2 times as much as homes in Barking and Dagenham (£336,000 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 October

Lambeth: £542,961London:£516,285UK: £268,349

Annual growth to October

Lambeth: +0.2%London: +6.2%UK: +10.2%

Best and worst annual growth in London

Redbridge: +12.8%Tower Hamlets: -12.5%