Lambeth house prices increased in September
House prices increased by 3.4% in Lambeth in September, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 3.7% over the last year.
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Hide AdThe average Lambeth house price in September was £579,990, Land Registry figures show – a 3.4% increase on August.
Over the month, the picture was different to that across London, where prices decreased 0.3%, and Lambeth was above the 0.5% drop for the UK as a whole.
Over the last year, the average sale price of property in Lambeth rose by £21,000 – putting the area fifth among London’s 33 local authorities with price data for annual growth.
The highest annual growth in the region was in Tower Hamlets, where property prices increased on average by 6.4%, to £509,000. At the other end of the scale, properties in Kensington and Chelsea lost 20.6% of their value, giving an average price of £1,203,000.
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First-time buyers in Lambeth spent an average of £510,000 on their property – £18,000 more than a year ago, and £67,000 more than in September 2018.
By comparison, former owner-occupiers paid £698,000 on average in September – 36.9% more than first-time buyers.
Property types
Owners of flats saw the biggest rise in property prices in Lambeth in September – they increased 3.5%, to £493,767 on average. Over the last year, prices rose by 4%.
Among other types of property:
- Detached: up 2.7% monthly; up 0.9% annually; £1,372,629 average
- Semi-detached: up 2.6% monthly; up 2.8% annually; £1,110,010 average
- Terraced: up 3.3% monthly; up 3.2% annually; £864,218 average
How do property prices in Lambeth compare?
Buyers paid 7.9% more than the average price in London (£537,000) in September for a property in Lambeth. Across London, property prices are high compared to those across the UK, where the average cost is £291,000.
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Hide AdThe most expensive properties in London were in Kensington and Chelsea – £1.2 million on average, and 2.1 times the price as in Lambeth. Kensington and Chelsea properties cost 3.5 times the price as homes in Barking and Dagenham (£346,000 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 September
- Lambeth: £579,990
- London:£537,424
- UK: £291,385
Annual change to September
- Lambeth: +3.7%
- London: -1.1%
- UK: -0.1%
Highest and lowest annual growth in London
- Tower Hamlets: +6.4%
- Kensington and Chelsea: -20.6%