The average value of a home in Lambeth is now £534,304 after rising 11.9% in the 12 months to April.
Figures from the Land Registry show that Lambeth recorded the biggest annual rise in house prices of London’s top 10 prime boroughs.
However, the data shows property prices in Lambeth slipped 0.5% in the month to April.
But the borough – which includes the increasingly popular residential areas of Streatham, Brixton, Vauxhall, West Norwood and parts of Clapham – is still tenth in the list of prime London’s most expensive areas to purchase a home.
Top of the list is Kensington and Chelsea – where the average price of a home is now £1.3m - followed by the City of Westminster, Camden and Hammersmith and Fulham.
The only other boroughs south of the River Thames to enter the Land Registry’s list of the 10 most expensive areas of London to buy a home were Wandsworth and Southwark.
Analysts expect property prices in London to climb higher. They point out that the Land Registry’s data is taken from a period affected by uncertainty in the property market due to the run up to the general election last month.
The Labour Party’s threat of imposing a mansion tax on the owners of properties worth £2m or more led to a slowdown in London’s prime property market. However, estate agents are now reporting an upturn in activity following the Conservative Party’s victory.
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