Lewisham house prices rising at second-fastest rate in London

The Land Registry's latest London data is out and reveals that the borough of Lewisham has the second-fastest rate of house price rises in the capital in the year to April, with an annual growth rate of 16.4%.

Newham was the fastest-riser, with the cheaper boroughs dominating the top 10.

Back in May, when an 11-feet wide Brockley house sold for half a million pounds, we declared that the area's status as "relatively affordable" was officially over - that the borough had moved in to the middle of the pack. With the average price of a Lewiaham home now at £391,000 - the second highest figure in this top 10 - the numbers back our assertion up.

26 comments:

AliAliAfro said...

Below is a link to the full report for anyone who is interested. Lewisham house prices rose 16.4% last year and 1.4% of that was last month. Bromley was very close behind us (16%) but Southwark and Lambeth were more mid table with c. 11%. https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/430497/HPIReport20150511.pdf

Headhunter said...

So Hugh has his answer.... Love a nice bit of property porn discussion. Woman who sits next to me at work is looking for a place in Putney and says that prices there have dropped since around the time of the election. Sounds like we're seeing an even-ing out of prices across London with undervalued areas like Lewisham on the rise and over priced spots like SW London, stagnating.....

Chic Chips said...

The One Million Pound House is alive and well in SE6.

Headhunter said...

Really? All I can see is a mere £925k on Zoopla...

Sad said...

We always said it would be the case. The delis moved in, the post-2005 Mungo families came and each had 3 kids, and ruined in for everybody.

hedgemagnet said...

Yet to see sold prices filtering throgh mind. Valuations are up, but Zoopla and Rightmove are still placing prices at less than this time last year. What giveth?

Brockley Nick said...

Presumably they didn't ruin it for the salt-of-the-earth Brockleyites who sold up and trousered the cash

Headhunter said...

Exactly. If all these "honest fare" people feel that house prices in the area are too high perhaps they shouldn't move out of the area or perhaps they should sell at good honest 1995 prices....

Chic Chips said...

TBH the actual sold figure for SE6 is £950K but what's £50k between a chicken shop and a can of ginger beer.

Chic Chips said...

Yeah property porn is such an easy one.
So much better than cup cakes.

Hugh said...

In the longer term Brockley will continue to attract monied professionals, since (a) it's zone 2 with the best transport to both Canary Wharf and the City of anywhere in London, (b) it's a conservation area and the supply of conservation areas doesn't increase, (c) other zone 2 areas are now unaffordable or not worth it, (d) the deli/arts/organic/Claphamification of the area has reached critical mass, (e) Lewisham is being transformed, (f) Nick has years left in him.

Happy said...

"the post-2005 Mungo families came and each had 3 kids, and ruined in for everybody."

Ruined what exactly? Luckily I'm a pre-2004 one child Mungo, so by your defination am a 'legit' resident.

I do like the idea that being proud of the area and making our houses look nice is 'ruining it'! :-)

Newby said...

What is a Mungo family?

Magic Geoff said...

Ah, this goes back a few years when previous residents of Brockley referred to newcomers on here as 'mungo bean eaters'. Presumably because mungo beans represent the sort of healthy food that well-to-do middle class people like to eat. (As opposed to fried chicken and Domino's pizza, I suppose?).


It's basically inverse class snobbery of people who are perceived to be well-off and educated - by people who logically therefore are thick and poor? Discuss!

Headhunter said...

I think you're mixing your Brockley phraseology here! It was mung bean eaters not mungo beans... I think Mungo is supposed to represent what a middle or upper middle class family might call their child - you know Mungo, Tristram, Jemimah etc etc

Brockley Nick said...

On points a-e I fully agree. On point f - let's hope so.

terrencetrentderby said...

Thought the plan was to upsize until you could afford Herne Hill? Then abandon Great Brockley to its post-Balkanisation break up and mass genocide.

terrencetrentderby said...

*Greater even, although Great works just as well

Headhunter said...

As far as I can see asking prices around Brockley are pretty much the same as they were last year.... Not sure if seller actually achieve those prices

Bric Anmortar said...

You need a tube station or plans at least.
Either that or move.
To Catford.
Hey it could be worse. I could have said Croyden.
But there's no tube planned for Croyden , so it'll have to be Plumstead instead.
See Abbey Wood is also outperforming Brockley. Maybe that's because they've got a prison.

Magic Geoff said...

Yes you are quite right! It's Mungo who eats the mung beans. I remember now! (mmm, mung beans!) :-)

Hugh said...

The only structural defect in the conservation area housing market is the incidence of huge houses not in private ownership. These are unlikely ever to come to market, meaning those wanting to move to Brockley face living in a flat (although there are plenty of nice ones) or paying a price for a house that reflects ever-restricted supply.

I once called Lewisham BC to enquire about their policy on selling trophy Victorian six-bedders in the conservation area. The man said to me: "Why would we ever do that?" I realised it was my cash against the Leviathan of institutionalised socialism and concluded I'd have more chance of persuading voters to choose a conservative MP, before withdrawing from the fray.

James said...

How much of the Brockley conservation area is owned by Lewisham council? Are there any statistics available?

Hugh said...

I don't know but as a full-blooded free marketeer my guess is too much. Perhaps Nick can enlighten us.

A. Bitchmarsh said...

You can tell which houses contain council flats by their manky overgrown gardens. In tressillian I'd guess 1/3 to 1/2 council non garden-appreciators. Japanese knotweed out there too

Thinker said...

Though I think Lewisham has the best transport to Canary Wharf and the City - DLR direct!

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