Recent figures from the Land Registry indicate a substantial decline in Lewisham house prices. In November 2023, the average house price was recorded at £458,033, a small drop from October’s £469,141. This change represents a 2.4% decrease in just one month. Furthermore, when compared to the previous year, there’s been a -0.7% fall in prices.

The Impact Across Different Housing Types

The decrease in house prices isn’t isolated to one type of property; it’s a trend observed across various housing categories in Lewisham:

• Detached Houses: Prices fell to £962,239 in November from £994,006 in October.
• Semi-Detached Houses: These saw a reduction to £785,712, down from £809,743.
• Terraced Houses: Experienced a drop to £565,621 from £584,428.
• Flats: Decreased to £366,715, a fall from £372,788.

Each category of housing has witnessed a significant price reduction, reflecting a broader trend in the local property market.

Lewisham vs. The UK Average

Despite this downturn, it’s important to note that Lewisham’s property values still stand well above the national average. As of November 2023, the average property value across the UK was £284,950. This puts Lewisham’s average house price substantially higher, even with the recent decrease.

In terms of yearly comparison, the average house price in November was £6,142 lower than the same month a year earlier. The overall house price growth has slowed down, showing a -2.1% decline in November 2023, with a -0.8% decrease from the previous month.

Implications for Homeowners and Potential Buyers

The current state of the property market in Lewisham presents different implications for homeowners and those looking to buy or rent. For homeowners, this could mean a decrease in the value of their property. On the other hand, potential buyers might find this a more opportune time to invest in property, given the reduced prices.