Southwark house prices dropped more than London average 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 dropped by 2.4% – more than the average for London – in Southwark in March, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area remain level.

The average Southwark house price in March was £525,923, Land Registry figures show – a 2.4% decrease on February.

Over the month, the picture was worse than that across London, where prices decreased 0.9%, and Southwark underperformed compared to the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Southwark rose by £150 – 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 Kensington and Chelsea, where property prices increased on average by 20.3%, to £1,452,000. At the other end of the scale, properties in Lewisham lost 0.5% of their value, giving an average price of £447,000.

Winners and Losers

Owners of flats fared worst in Southwark in March – they dropped 2.5% in price, to £450,204 on average. Over the last year, prices dropped by 0.4%.

Among other types of property:

Detached: down 1.9% monthly; up 4% annually; £1,805,252 averageSemi-detached: down 2.1% monthly; up 2.7% annually; £1,060,650 averageTerraced: down 2.4% monthly; up 0.8% annually; £769,431 average

First steps on the property ladder

First-time buyers in Southwark spent an average of £458,880 on their property – £920 less than a year ago, but £5,320 more than in March 2017.

By comparison, former owner-occupiers paid £636,680 on average in March – 38.7% more than first-time buyers.

How do property prices in Southwark compare?

Buyers paid roughly the same as the average price in London (£524,000) in March for a property in Southwark. Across London, property prices are roughly the same as 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 2.8 times as much as more than in Southwark. 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

Southwark: £525,923London:£523,666UK: £278,436

Annual growth to March

Southwark: 0%London: +4.8%UK: +9.8%

Best and worst annual growth in London

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