Lewisham house prices increased in August

House prices increased by 2.5% in Lewisham in August, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 0.2% annual decline.

The average Lewisham house price in August was £466,920, Land Registry figures show – a 2.5% increase on July.

Over the month, the picture was different to that across London, where prices decreased 0.1%, and Lewisham was above the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Lewisham fell by £710 – putting the area 16th among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in Haringey, where property prices increased on average by 5.8%, to £630,000. At the other end of the scale, properties in Kensington and Chelsea lost 10.4% of their value, giving an average price of £1,359,000.

First steps on the property ladder

First-time buyers in Lewisham spent an average of £402,300 on their property – £1,400 less than a year ago, but £43,000 more than in August 2018.

By comparison, former owner-occupiers paid £570,000 on average in August – 41.7% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Lewisham in August – they increased 3%, to £803,695 on average. Over the last year, prices rose by 0.7%.

Among other types of property:

• Detached: up 2.7% monthly; up 0.5% annually; £990,623 average
• Terraced: up 2.7% monthly; down 0.3% annually; £580,057 average
• Flats: up 2.2% monthly; down 0.3% annually; £371,900 average

How do property prices in Lewisham compare?

Buyers paid 12.8% less than the average price in London (£536,000) in August for a property in Lewisham. Across London, property prices are high compared to those across the UK, where the average cost is £291,000.

The most expensive properties in London were in Kensington and Chelsea – £1.4 million on average, and 2.9 times the price as in Lewisham. Kensington and Chelsea properties cost 3.9 times the price as homes in Barking and Dagenham (£349,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea (£1.4 million).

Factfile

Average property price in August

• Lewisham: £466,920
• London:£535,597
• UK: £291,044

Annual change to August

• Lewisham: -0.2%
• London: -1.4%
• UK: +0.2%

Highest and lowest annual growth in London

• Haringey: +5.8%
• Kensington and Chelsea: -10.4%