Lewisham house prices increased in March

File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.

House prices increased by 2.8% in Lewisham in March, new figures show.

But the boost does not reverse the longer-term trend, which has seen property prices in the area suffer a 0.5% annual decline – the worst in the UK.

The average Lewisham house price in March was £446,777, Land Registry figures show – a 2.8% increase on February.

Over the month, the picture was better than that across London, where prices decreased 0.9%, and Lewisham outperformed the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Lewisham fell by £2,300 – putting the area bottom of the UK’s local authorities for annual growth.

The best annual growth in the region was in Kensington and Chelsea, where property prices increased on average by 20.3%, to £1,452,000.

Winners and Losers

Owners of semi-detached houses saw the biggest improvement in property prices in Lewisham in March – they increased 3.4%, to £757,577 on average. Over the last year, prices rose by 2.4%.

Among other types of property:

Detached: up 3.1% monthly; up 3.7% annually; £946,654 averageTerraced: up 3.1% monthly; up 0.5% annually; £545,931 averageFlats: up 2.4% monthly; down 1.7% annually; £360,909 average

First steps on the property ladder

First-time buyers in Lewisham spent an average of £386,400 on their property – £4,100 less than a year ago, but £24,600 more than in March 2017.

By comparison, former owner-occupiers paid £542,300 on average in March – 40.4% more than first-time buyers.

How do property prices in Lewisham compare?

Buyers paid 14.7% less than the average price in London (£524,000) in March for a property in Lewisham. Across London, property prices are lower than those across the UK, where the average cost £278,000.

The most expensive properties in London were in Kensington and Chelsea – £1.5 million on average, and 3.2 times as much as more than in Lewisham. Kensington and Chelsea properties cost 4.2 times as much as homes in Barking and Dagenham (£342,000 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 March

Lewisham: £446,777London:£523,666UK: £278,436

Annual change to March

Lewisham: -0.5%London: +4.8%UK: +9.8%

Best and worst annual growth in London

Kensington and Chelsea: +20.3%Lewisham: -0.5%