Lewisham house prices dropped in April
House prices dropped by 2.6% in Lewisham in April, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 0.5% over the last year.
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Hide AdAn imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.
The need for larger deposits and constraints on accessing mortgages have pushed homeownership further out of reach for many first-time buyers – despite Government figures showing 50% of renters would be able to afford the monthly payments.
In a recent major speech in Blackpool, Prime Minister Boris Johnson announced a “comprehensive review” of the mortgage market would take place in a bid to help more people onto the property ladder.
The average Lewisham house price in April was £446,546, Land Registry figures show – a 2.6% decrease on March.
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Hide AdOver the month, the picture was different to that across London, where prices increased 1%, and Lewisham was lower than the 1.1% rise for the UK as a whole.
Over the last year, the average sale price of property in Lewisham rose by £2,100 – putting the area 30th among London’s 33 local authorities with price data for annual growth.
The highest annual growth in the region was in Kensington and Chelsea, where property prices increased on average by 26.7%, to £1,514,000. At the other end of the scale, properties in Hammersmith and Fulham lost 2.5% of their value, giving an average price of £721,000.
First steps on the property ladder
First-time buyers in Lewisham spent an average of £386,170 on their property – £370 less than a year ago, but £28,140 more than in April 2017.
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Hide AdBy comparison, former owner-occupiers paid £542,020 on average in April – 40.4% more than first-time buyers.
Property types
Owners of flats saw the biggest fall in property prices Lewisham in April – they dropped 2.8% in price, to £359,084 on average. Over the last year, prices dropped by 1%.
Among other types of property:
Detached: down 2.6% monthly; up 4.4% annually; £945,514 averageSemi-detached: down 2.7% monthly; up 3.7% annually; £759,755 averageTerraced: down 2.4% monthly; up 1.9% annually; £549,261 average
How do property prices in Lewisham compare?
Buyers paid 15.7% less than the average price in London (£530,000) in April for a property in Lewisham. Across London, property prices are lower than those across the UK, where the average cost £281,000.
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Hide AdThe most expensive properties in London were in Kensington and Chelsea – £1.5 million on average, and 3.4 times as much as more than in Lewisham. Kensington and Chelsea properties cost 4.5 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 April
Lewisham: £446,546London:£529,829UK: £281,161
Annual growth to April
Lewisham: +0.5%London: +7.9%UK: +12.4%
Highest and lowest annual growth in London
Kensington and Chelsea: +26.7%Hammersmith and Fulham: -2.5%