Southwark house prices increased slightly in August

General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.

House prices increased slightly, by 0.5%, in Southwark in August, new figures show.

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

The average Southwark house price in August was £550,323, Land Registry figures show – a 0.5% increase on July.

Over the month, the picture was different to that across London, where prices decreased 0.1%, and Southwark was above the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Southwark fell by £3,000 – putting the area 18th among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in Haringey, where property prices increased on average by 5.8%, to £630,000. At the other end of the scale, properties in Kensington and Chelsea lost 10.4% of their value, giving an average price of £1,359,000.

First steps on the property ladder

First-time buyers in Southwark spent an average of £477,800 on their property – £2,500 less than a year ago, but £32,900 more than in August 2018.

By comparison, former owner-occupiers paid £671,900 on average in August – 40.6% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Southwark in August – they increased 1.3%, to £1,941,272 on average. Over the last year, prices rose by 0.2%.

Among other types of property:

Semi-detached:

Terraced:

Flats:

How do property prices in Southwark compare?

Buyers paid 2.7% more than the average price in London (£536,000) in August for a property in Southwark. Across London, property prices are high compared to those across the UK, where the average cost is £291,000.

The most expensive properties in London were in Kensington and Chelsea – £1.4 million on average, and 2.5 times the price as in Southwark. Kensington and Chelsea properties cost 3.9 times the price as homes in Barking and Dagenham (£349,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea (£1.4 million).

Factfile

Average property price in August

Southwark: £550,323
London:£535,597
UK: £291,044

Annual change to August

Southwark: -0.5%
London: -1.4%
UK: +0.2%

Highest and lowest annual growth in London

Haringey: +5.8%
Kensington and Chelsea: -10.4%