Lambeth house prices increased in August
House prices increased by 1.5% in Lambeth in August, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 0.2% over the last year.
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Hide AdThe average Lambeth house price in August was £556,966, Land Registry figures show – a 1.5% increase on July.
Over the month, the picture was different to that across London, where prices decreased 0.1%, and Lambeth was above the 0.3% rise for the UK as a whole.
Over the last year, the average sale price of property in Lambeth rose by £840 – putting the area 14th 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.
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First-time buyers in Lambeth spent an average of £490,190 on their property – £810 more than a year ago, and £40,370 more than in August 2018.
By comparison, former owner-occupiers paid £669,100 on average in August – 36.5% more than first-time buyers.
Property types
Owners of semi-detached houses saw the biggest rise in property prices in Lambeth in August – they increased 2.2%, to £1,073,754 on average. Over the last year, prices rose by 0.7%.
Among other types of property:
- Detached: up 1.9% monthly; down 1.1% annually; £1,324,891 average
- Terraced: up 1.8% monthly; up 0% annually; £828,237 average
- Flats: up 1.4% monthly; up 0.2% annually; £474,129 average
How do property prices in Lambeth compare?
Buyers paid 4% more than the average price in London (£536,000) in August for a property in Lambeth. Across London, property prices are high compared to those across the UK, where the average cost is £291,000.
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Hide AdThe most expensive properties in London were in Kensington and Chelsea – £1.4 million on average, and 2.4 times the price as in Lambeth. 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
- Lambeth: £556,966
- London:£535,597
- UK: £291,044
Annual change to August
- Lambeth: +0.2%
- London: -1.4%
- UK: +0.2%
Highest and lowest annual growth in London
- Haringey: +5.8%
- Kensington and Chelsea: -10.4%