Lambeth house prices increased slightly in March

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

House prices increased slightly, by 0.9%, in Lambeth in March, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 2.9% over the last year.

The average Lambeth house price in March was £555,696, Land Registry figures show – a 0.9% increase on February.

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

Over the last year, the average sale price of property in Lambeth rose by £16,000 – putting the area 16th 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 Lambeth spent an average of £489,000 on their property – £12,000 more than a year ago, and £33,000 more than in March 2018.

By comparison, former owner-occupiers paid £667,000 on average in March – 36.2% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Lambeth in March – they increased 1.2%, to £1,073,336 on average. Over the last year, prices rose by 4.4%.

Among other types of property:

Detached: up 1.1% monthly; up 3.3% annually; £1,341,841 average
Terraced: up 0.4% monthly; up 4.1% annually; £822,578 average
Flats: up 1% monthly; up 2.4% annually; £473,588 average

How do property prices in Lambeth compare?

Buyers paid 6.2% more than the average price in London (£523,000) in March for a property in Lambeth. 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 Lambeth. 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

Lambeth: £555,696
London:£523,325
UK: £285,009

Annual growth to March

Lambeth: +2.9%
London: +1.5%
UK: +4.1%

Highest and lowest annual growth in London

Tower Hamlets: +11%
Westminster: -17.4%