Lambeth and Southwark are leading London’s housing boom

Tim Wallace
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SOUTH London is leading the housing boom in the capital and the UK as a whole, according to figures out today from LSL Property Services.

Prices in Lambeth soared 31.5 per cent in the last year to an average of £551,662 in February.

And Southwark was close behind with a 24.8 per cent jump to an average of £499,027.

The market has traditionally been dominated by ultra-expensive homes in Kensington and Chelsea, where the average remains high, at £1.8m, but the pace of the boom is slowing a touch to 19.1 per cent.

By contrast Newham is a weak spot – prices rose just 5.5 per cent to £247,251 in the 12-month period.

Overall London prices increased 13.3 per cent to £522,499, while those in the UK overall rose 7.2 per cent to £262,291. The boom is supported by soaring mortgage lending – 22,000 first time buyers took out loans in February, up 41 per cent on the year.