Southwark house prices dropped more than London average in January
House prices dropped by 3.9% – more than the average for London – in Southwark in January, new figures show.
The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 4.8% annual decline.
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Hide AdThe average Southwark house price in January was £518,470, Land Registry figures show – a 3.9% decrease on December.
Over the month, the picture was worse than that across London, where prices decreased 1.8%, and Southwark underperformed compared to the 0.4% rise for the UK as a whole.
Over the last year, the average sale price of property in Southwark fell by £26,000 – putting the area 32nd among London’s 33 local authorities with price data for annual growth.
The best annual growth in the region was in Islington, where property prices increased on average by 13.4%, to £760,000. At the other end of the scale, properties in Tower Hamlets lost 5.1% of their value, giving an average price of £438,000.
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Hide AdWinners and Losers
Owners of detached houses fared worst in Southwark in January – they dropped 5.2% in price, to £1,767,344 on average. Over the last year, prices dropped by 2.1%.
Among other types of property:
Semi-detached: down 4.4% monthly; down 2.7% annually; £1,044,296 averageTerraced: down 3.7% monthly; down 4.2% annually; £758,334 averageFlats: down 3.9% monthly; down 5.2% annually; £443,946 average
First steps on the property ladder
First-time buyers in Southwark spent an average of £451,200 on their property – £24,700 less than a year ago, but £7,300 more than in January 2017.
By comparison, former owner-occupiers paid £630,800 on average in January – 39.8% more than first-time buyers.
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Hide AdHow do property prices in Southwark compare?
Buyers paid 1.6% more than the average price in London (£510,000) in January for a property in Southwark. Across London, property prices are roughly the same as those across the UK, where the average cost £274,000.
The most expensive properties in London were in Kensington and Chelsea – £1.4 million on average, and 2.7 times as much as more than in Southwark. Kensington and Chelsea properties cost 4.1 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 January
Southwark: £518,470London:£510,102UK: £273,762
Annual change to January
Southwark: -4.8%London: +2.2%UK: +9.6%
Best and worst annual growth in London
Islington: +13.4%Tower Hamlets: -5.1%