Lambeth house prices increased more than London average in July

House prices increased by 1.2% – more than the average for London – in Lambeth in July, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 5.8% annual growth.

The average Lambeth house price in July was £550,329, Land Registry figures show –a 1.2% increase on June.

Over the month, the picture was similar to that across London, where prices increased 1.1%, but Lambeth underperformed compared to the 2% rise for the UK as a whole.

Across the UK, the the average UK house price leapt by 15.5% in the year to July, marking the biggest increase in 19 years.

But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.

Over the last year, the average sale price of property in Lambeth rose by £30,000 – putting the area 23rd among London’s 33 local authorities with price data for annual growth.

The best annual growth in the region was in Harrow, where property prices increased on average by 14%, to £547,000. At the other end of the scale, properties in City of London lost 11.5% of their value, giving an average price of £808,000.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in Lambeth in July – they increased 1.5%, to £818,780 on average. Over the last year, prices rose by 8.9%.

Among other types of property:

Detached: up 1.2% monthly; up 11% annually; £1,328,443 averageSemi-detached: up 1.4% monthly; up 10.3% annually; £1,055,614 averageFlats: up 1.1% monthly; up 4.5% annually; £468,537 average

First steps on the property ladder

First-time buyers in Lambeth spent an average of £484,700 on their property – £23,900 more than a year ago, and £6,800 more than in July 2017.

By comparison, former owner-occupiers paid £660,300 on average in July – 36.2% more than first-time buyers.

How do property prices in Lambeth compare?

Buyers paid 1.3% more than the average price in London (£544,000) in July for a property in Lambeth. Across London, property prices are roughly the same as those across the UK, where the average cost £292,000.

The most expensive properties in London were in Kensington and Chelsea – £1.4 million on average, and 2.5 times as much as more than in Lambeth. Kensington and Chelsea properties cost 3.9 times as much 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 July

Lambeth: £550,329London:£543,517UK: £292,118

Annual growth to July

Lambeth: +5.8%London: +9.2%UK: +15.5%

Best and worst annual growth in London

Harrow: +14%City of London: -11.5%