Lewisham house prices dropped slightly in February

EMBARGOED TO 00001 TUESDAY OCTOBER 26 File photo dated 14/10/14 of estate agents boards. The housing market is set to record its highest level of sales this year since 2007, according to a property website. Issue date: Tuesday October 26, 2021.

House prices dropped slightly, by 0.8%, in Lewisham in February, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 2% annual decline – the worst in the UK.

The average Lewisham house price in February was £435,846, Land Registry figures show – a 0.8% decrease on January.

Over the month, the picture was worse than that across London, where prices increased 2.2%, and Lewisham underperformed compared to the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Lewisham fell by £8,700 – putting the area bottom of the UK’s local authorities 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.

Winners and Losers

Owners of semi-detached houses fared worst in Lewisham in February – they dropped 0.9% in price, to £732,884 on average. But over the last year, prices rose by 0.1%.

Among other types of property:

Detached: down 0.9% monthly; up 1.5% annually; £918,613 averageTerraced: down 0.9% monthly; down 1.4% annually; £529,810 averageFlats: down 0.7% monthly; down 2.6% annually; £354,032 average

First steps on the property ladder

First-time buyers in Lewisham spent an average of £377,300 on their property – £9,300 less than a year ago, but £22,200 more than in February 2017.

By comparison, former owner-occupiers paid £528,500 on average in February – 40.1% more than first-time buyers.

How do property prices in Lewisham compare?

Buyers paid 17.7% less than the average price in London (£530,000) in February for a property in Lewisham. Across London, property prices are lower than 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 3.2 times as much as more than in Lewisham. 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

Lewisham: £435,846London:£529,882UK: £276,755

Annual change to February

Lewisham: -2%London: +8.1%UK: +10.9%

Best and worst annual growth in London

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