Southwark house prices dropped slightly in March

House prices dropped slightly, by 0.6%, 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 grow by 2.8% over the last year.

The average Southwark house price in March was £541,613, Land Registry figures show – a 0.6% decrease on February.

Over the month, the picture was different to that across London, where prices decreased 1.7%, and Southwark was above the 1.2% drop for the UK as a whole.

Over the last year, the average sale price of property in Southwark rose by £15,000 – putting the area 17th among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in Tower Hamlets, where property prices increased on average by 11%, to £510,000. At the other end of the scale, properties in Westminster lost 17.4% of their value, giving an average price of £876,000.

First steps on the property ladder

First-time buyers in Southwark spent an average of £471,000 on their property – £12,000 more than a year ago, and £14,000 more than in March 2018.

By comparison, former owner-occupiers paid £660,000 on average in March – 40.1% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices Southwark in March – they dropped 1.1% in price, to £806,314 on average. But over the last year, prices rose by 3.7%.

Among other types of property:

• Detached: down 0.4% monthly; up 3.2% annually; £1,905,903 average
• Semi-detached: down 0.6% monthly; up 3.5% annually; £1,116,115 average
• Flats: down 0.4% monthly; up 2.4% annually; £460,234 average

How do property prices in Southwark compare?

Buyers paid 3.5% more than the average price in London (£523,000) in March for a property in Southwark. Across London, property prices are higher than those across the UK, where the average cost £285,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 2.4 times as much as more than in Southwark. Kensington and Chelsea properties cost 3.8 times as much as homes in Barking and Dagenham (£347,000 average), at the other end of the scale.

The highest property prices across the UK were in E09000020.

Factfile

Average property price in March

• Southwark: £541,613
• London:£523,325
• UK: £285,009

Annual growth to March

• Southwark: +2.8%
• London: +1.5%
• UK: +4.1%

Highest and lowest annual growth in London

• Tower Hamlets: +11%
• Westminster: -17.4%