Southwark house prices increased in May

House prices increased by 1.4% in Southwark in May, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 1.5% over the last year.

The average Southwark house price in May was £535,043, Land Registry figures show – a 1.4% increase on April.

Over the month, the picture was different to that across London, where prices decreased 1.2%, and Southwark was above the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in Southwark rose by £8,100 – 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 City of London, where property prices increased on average by 24.1%, to £988,000. At the other end of the scale, properties in Kensington and Chelsea lost 13.4% of their value, giving an average price of £1,314,000.

First steps on the property ladder

First-time buyers in Southwark spent an average of £464,900 on their property – £6,900 more than a year ago, and £21,400 more than in May 2018.

By comparison, former owner-occupiers paid £652,100 on average in May – 40.3% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Southwark in May – they increased 1.5%, to £455,679 on average. Over the last year, prices rose by 1.8%.

Among other types of property:

• Detached: up 1% monthly; down 0.3% annually; £1,869,681 average
• Semi-detached: up 1.1% monthly; up 0.8% annually; £1,095,372 average
• Terraced: up 1.3% monthly; up 0.9% annually; £792,356 average

How do property prices in Southwark compare?

Buyers paid 1.8% more than the average price in London (£526,000) in May for a property in Southwark. Across London, property prices are high compared to those across the UK, where the average cost is £286,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 2.5 times the price as in Southwark. Kensington and Chelsea properties cost 3.7 times the price as homes in Barking and Dagenham (£356,000 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 May

• Southwark: £535,043
• London:£525,629
• UK: £285,861

Annual growth to May

• Southwark: +1.5%
• London: +0.8%
• UK: +1.9%

Highest and lowest annual growth in London

• City of London: +24.1%
• Kensington and Chelsea: -13.4%