The latest figures show that the average price paid by a first time buyer purchasing property in Lambeth was last recorded at £278,869 as of July 2024. This value is based upon the average value of completed property transactions in July.
Average prices paid by a first time buyer for properties in Lambeth have increased substantially in the last decade. Back in January 2012, the average price paid by a first time buyer stood at £278,868. Fast forward to January 2012, and the average price has increase to £278,868, representing a growth of 0% over 0 years.
This substantial increase for first time buyers in Lambeth far outpaces broader inflation over the same period. Rising household incomes, strong local economy, high demand and constrained supply all likely contributed to the steep rise in prices paid by first time buyers in Lambeth over the past decades.
The UK HPI uses sales data collected on residential housing transactions, whether for cash or with a mortgage. Properties have been included in England and Wales since January 1995, in Scotland since January 2004, and in Northern Ireland since January 2005, Data is available at a national and regional level, as well as counties, local authorities and London boroughs.
The latest figures from July 2024 indicate the property market in Lambeth continues to show rising price trends. Compared to June, 2024, average prices increased by 0.6% to £535,066. On an annual basis, average property prices have increased 0.9% since 12 months ago.
In terms of sales activity, there were 127 residential property transactions completed in Lambeth during July, 2024. Of these purchases, 79 were financed with a mortgage while 14 were all-cash sales. For cash buyers, average prices have changed by 0.7% since June, 2024, coming in at around £530,348. For properties purchased with a mortgage, the average price changed by 0.6% since June, 2024, to £536,449.
Compared to the overall picture in its national parent England, the average property price in Lambeth are higher than the current national average of £305,879. While Lambeth saw a change of 0.6% over the last month, England as a whole recorded a percentage change of 0.2% in average property values. And on an annual basis, prices across England have grown by 1.6%, more than the 0.9% yearly change seen in Lambeth.
Interested in purchasing a property in Lambeth? Use our Monthly Mortgage Cost Calculator to see how much a property may cost you per month. This tool is for illustrative purposes only and does not constitute financial advice.
Average price in Lambeth by housing type
Prices last recorded in July, 2024
average
£535,066
detached
£1,222,304
flat
£458,216
semi-detached
£1,004,196
terraced
£785,826
Prices by housing type in Lambeth
Recent data shows that price growth has varied across different property types in Lambeth over the last year. For terraced houses, property prices changed by 0.5% between July 2024 and June 2024 to reach £785,826, and changed by 1.2% over the last 12 months. The annual change was greater than the 1.8% change seen for terraced homes in England overall.
Meanwhile, semi-detached properties saw a rise in average prices locally, taking them to £1,004,196 in June 2024. This represents a 0.3% change from the same month last year.This is underperforming the 2.2% annual change in semi-detached values across the country.
Detached homes in Lambeth gained 0.8% month-over-month to reach an average of £1,222,304. Annually, detached property values have changed by -1.3%. This is weaker price growth compared to England's 1.6% change for detached houses over the year.
For apartments and flats, average prices increased by 0.6% between July and June 2024, hitting £458,216. Over the last 12 months, apartment values have changed by 0.9%, surpassing England's flat and apartment growth rate of 0.4%.
Overall, terraced properties have seen the strongest price momentum locally over the past year, with a change of 1.2%, while detached properties lagged, with a change of -1.3%.
Recent purchases in Lambeth
According to data from HM Land Registry, there were 127 completed property purchases in the area of Lambeth in July 2024. Of these sales, 14 were recorded as cash purchases whilst 79 were purchased using a mortgage. Compared to this time 12 months ago, the percentage of properties purchased using a mortgage has changed by 0.8% and the percentage of properties purchased with cash has changed by 1.6%.
The number of cash and mortgage purchases may not match the recorded number due to exclusions listed on the gov.uk website
Looking for a specific property type?
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