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Lambeth is home to many diverse communities as well as the cultural hotspots of the South Bank, Brixton and Clapham Common. The borough is very close to the centre of London and is great for those working in the City. Lambeth is a great place to live, but if you are looking to move out of the area, what can you expect when selling your property?
Looking to sell your Lambeth home?
Overall, property will generally achieve an asking price of £1,192,777, although this varies depending on the number of bedrooms and the type of property you own. Flats, which are most available and also most in demand for the area, will fetch a grand price of £1,157,235 on average.
You can expect to achieve around £2,350,353 on average for a terraced house; this is down by around £600,000 from the average price you could have achieved last year.
Looking to rent your home?
You may be wanting to move out of the area, but what could you achieve from renting out your property?
House sharing is popular in this area as a way of saving money while living so close to the city, and so four to five bed houses are most in demand for Lambeth.
For these properties, you can expect to achieve a monthly rental income of £3,251 to £4,147 PCM. Likewise, flats can also achieve a relatively high rental price at £2,627 PCM.
Buyer demographic in Lambeth
The average age for people in Lambeth is in keeping with the majority of London at 35 years old; this is down six years from the neighbouring City of London.
You can expect to find interest in young single professionals looking to move closer to the centre, where they work.
Most properties will have completed to selling process within 86 days of first being advertised.
Due to their popularity on the rental market, four to five bedroom terraced houses are quickest to be snapped up by investors, taking just 49 days to sign contracts.
Similar locations to Lambeth
Lambeth’s location and culture makes living in the borough a privileged and exciting experience. If you are looking for a similar atmosphere to areas like Clapham, consider moving to Wimbledon in the London Borough of Merton. For a similar vibe and culture to the South Bank, you might want to consider making the move to Camden or Islington in North London.
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