Southwark house prices increased in February
House prices increased by 1% in Southwark in February, new figures show.
But the boost does not reverse the longer-term trend, which has seen property prices in the area suffer a 0.8% annual decline.
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Hide AdThe average Southwark house price in February was £526,301, Land Registry figures show – a 1% increase on January.
Over the month, the picture was less good than that across London, where prices increased 2.2%, but Southwark outperformed the 0.5% rise for the UK as a whole.
Over the last year, the average sale price of property in Southwark fell by £4,500 – 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 City of London, where property prices increased on average by 15.4%, to £840,000. At the other end of the scale, properties in Lewisham lost 2% of their value, giving an average price of £436,000.
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Hide AdWinners and Losers
Owners of flats saw the biggest improvement in property prices in Southwark in February – they increased 1.3%, to £451,163 on average. Over the last year, prices dropped by 1.1%.
Among other types of property:
Detached: up 0.1% monthly; up 2% annually; £1,792,582 averageSemi-detached: up 0.3% monthly; up 1.1% annually; £1,055,797 averageTerraced: up 0.6% monthly; down 0.4% annually; £768,603 average
First steps on the property ladder
First-time buyers in Southwark spent an average of £458,900 on their property – £5,000 less than a year ago, but £15,200 more than in February 2017.
By comparison, former owner-occupiers paid £638,300 on average in February – 39.1% more than first-time buyers.
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Hide AdHow do property prices in Southwark compare?
Buyers paid 0.7% less than the average price in London (£530,000) in February for a property in Southwark. Across London, property prices are roughly the same as those across the UK, where the average cost £277,000.
The most expensive properties in London were in Kensington and Chelsea – £1.4 million on average, and 2.6 times as much as more than in Southwark. Kensington and Chelsea properties cost 4.1 times as much as homes in Barking and Dagenham (£341,000 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 February
Southwark: £526,301London:£529,882UK: £276,755
Annual change to February
Southwark: -0.8%London: +8.1%UK: +10.9%
Best and worst annual growth in London
City of London: +15.4%Lewisham: -2%