Whenever looking for a house for sale in the UK or in Lewisham, it is vital you look at the market trends and house price fluctuations in the wider area of London too. House prices of houses for sale can change even among different streets very close to each other so, as a landlord, it would be a good idea to be familiar with the area of Lewisham.
In this article, we will be looking at the city of Lewisham in detail so you know how to navigate the area and have a better understanding on where to invest.
Why you should consider the average rental yield when searching for houses for sale in Lewisham
The figure of rental yield is commonly looked at by investors who wish to increase their income by investing in areas where rental yields of the houses for sale are higher. Usually, the higher the rental yield, the more attractive a house for sale is for an investor.
Nonetheless, there are also instances where an investor will go with a house with lower yields in order to benefit from the appreciation of a house too which is why it’s vital to look in to all the details of Lewisham.
The data below shows the rental yield, rent turnover and the percentage of the money made on the sale of a house. The data is broken down into the county city is in (London) as well as the broader region; Greater London.
|Average Yield||Average Asking rent||Turnover (rental)||Turnover (sale)|
Also, you can compare other data to the table above such as the number of houses sold per month in Lewisham which is 31 and get a better understanding of the housing market.
This is great if you want to gauge if investors are actively looking for houses for sale in the area over other areas in the UK which may be an induction of how profitable Lewisham is to invest in. Both in terms of rental yield and capital appreciation.
In Lewisham, how has the number of houses changed?
The growth of an area like Lewisham can be a great indicator of a thriving city and the influx of new people can drive demand for housing and help appreciate the value of your house after you buy it.
Paying attention to the table below tells you how the number of houses has changed over time at one year, three year and five year intervals.
|1 year||3 years||5 years|
|Lewisham growth rate||no relevant data for this city||11%||13%|
Despite the number of houses being built rising, this may not indicate that the housing price of the houses for sale is going up. It could be the case that there are a lot of new builds in the area which are causing the supply of the houses for sale to match demand and this could cause a decline in house price as time goes on.
Make sure you do your own research specific to the city of Lewisham if you want to find out the exact reasons for the housing change.
What are the demographics like in the city of Lewisham?
What does the population of Lewisham look like?
In the UK in general and specifically in the region in question, large population sizes can be good indications that there are a lot of people in the area looking for houses for sale which can drive up demand and therefore impact the cost. You should also check to see if the population is growing in the area too to show an increasing demand, this is even better. Currently, the total population of Lewisham is 64,131.
Sometimes, smaller populations can have higher buyer demand than large populations on the other hand. This is because the price of houses and hence the demand for houses is based on a variety of variables.
The most important variable is the location of the houses for sale in the city of Lewisham.
In Lewisham, how has the population changed over the last five years?
In the last five years, over time, the change in population size was 4%. Looking at this figure can inform you of the buyer demand for the houses for sale in the area. Read more here
This may mean that the city has now started to slow down in terms of population growth or it may mean the city is also building a lot of houses which would indicate the supply of houses for sale will be matching the demand.
Making predictions about the future growth of Lewisham is hence important in making a decision if capital appreciation of your real estate investment is something you’re after as a landlord.
Comparing this figure for the 5 year growth (4%) as well as the ten year growth in the subheading below should allow you to make some accurate forecasts on the growth rate. Click here to know more on the UK population trends.
Lewisham population difference over 10 years?
The population has adjusted in the area of Lewisham by 13% in the most recent decade. This change is even more useful when compared alongside the figure for the five year growth of the area too.
This will tell you if the population is changing at the moment or if change is more recent. Through this a landlord can accurately look at the fluctuations in population size of the area over time and therefore better understand the trend of the houses for sale in Lewisham.
To make an example, the town of Salford which is a part of Manchester has seen a 10% increase in population. house price has therefore followed.
For the city of Lewisham, what is the education level?
In the city of Lewisham, 37% people have a degree from a university. The higher this proportion is, in general, the more likely it is that the population is able to buy a house.
Interestingly, as people who have degrees go up, the average income of the area goes up too. You can see if there is a correlation, the average household income in the UK is price34,000 and the average income in Lewisham is £47,600.
This should correspond with the average percentage of people in the UK who have degrees at 22.6%.
How much do people in Lewisham earn?
You may be wondering what the amount people earn has to do with house price. Well, house prices generally go up as people earn more not just because they can afford more valuable properties but also because good areas generally attract more desirable infrastructure. For reference, the average household income is £47,600.
This may be better schools, doctors and areas with lower crime rates. This results in a snowball effect which polarises different areas further, increasing the demand for housing in richer areas by a greater amount. And increasing the proportion of people with high social grade scores. For Lewisham this figure is 21%.
Lewisham within London is notable for the type of people that live there. The statistics below show how this is the case.
As you read on, Lewisham will be looked at by comparing it to the local region, as well as comparing it to the wider region too (Greater London). From what the population of the city is to how it’s growing as well as factors like the overall crime rate.
This data is impacted by the history of the area and what kind of industry there is around. All of which also impact house prices which is crucial for you to understand as you look at houses for sale in Lewisham.
In the city of Lewisham, how much green space remains for residents?
Providing the right amount of green space for people in the UK is a difficult subject because there are clear benefits for human health but at the same time, it is hard to make sure all areas of the UK can get enough greenery. This is a result of land being already in use in cities where most people live.
In Lewisham, 4.6 is the amount of acres of outdoor space there is for every 1000 people. Charities such as ‘Fields in Trust’ recommend there to be at least 6 acres. This should allow you to conclude whether this green space is sufficient for you if you are interested in buying in Lewisham.
What’s crime like in Lewisham?
Within Lewisham, the number of people committing crimes is 129 per 1000 people. This figure directly relates to the safety of residents in the area which is one of the biggest factors in whether an area is considered desirable or not.
As a result, someone looking to buy a house here hoping for it to appreciate in value or buying a house here to produce rental income should check out the crime rate and compare it carefully to the UK average of 79.52 for every 1000 people to see how safe people living there will be.
If the area’s crime rate is too high, this may result in you having to pay for the renovation of burglaries or pay a premium on home insurance as insurance companies will charge you more for living in a dangerous area. So analyse this 129 figure carefully.
What is a social grade score and how does this relate to Lewisham?
In the city of Lewisham, the social grade score of the area is 21%. But what does this exactly mean? The figure refers to the proportion of people in the two highest categories of skilled jobs.
The categories are grouped from A to E shown in the table below. Overall, a high social grade score means there are more affluent people working in managerial and professional roles in the area.
This table shows the average breakdown of the UK in terms of where most people in the UK are working so you can compare it to the social grade score of Lewisham.
|Social Score||Category||The proportion of the UK population (%)|
|A||Professional, managerial or administrative||4|
|B||Intermediate managerial or professional jobs||23|
|C1||Supervisory, junior managerial or professional jobs||29|
|C2||Skilled manual workers||21|
|D||Semi and unskilled manual workers||15|
|E||State pensioners, casual & lowest grade workers||8|
In Lewisham, what are the deprivation levels like?
Most of the time, high deprivation levels signal that people cannot afford to sustain their living expenses. In Lewisham, currently, 33% people fall into this category.
Measuring this statistic against the nationwide average of 33% should give you a pretty good idea of where the city lies in the scale of poverty in the area.
In Lewisham, what do houses for sale tend to sell for?
As well as looking at the asking price for house for sale in Lewisham, a sensible homeowner or investor will also consider the final price a house sells for. This final price may be influenced by elements like the amount people are earning in the area and what opportunities for employment there are in Lewisham.
Houses for sale, are sold on average in Lewisham, after the influence of these factors, at £530,710 as a result. And may be on the rise or decline depending on a combination of variables such as the crime rate, or population growth which was 13% over the last 10 years.
|Housing category||Total final sale price|
|Aerage sold price (detached)||£833,650|
|Aerage sold price (semi-detached)||£959,658|
|Aerage sold price (terraced)||£770,155|
|Aerage sold price (flat)||£413,095|
This table above shows the average sale price for each variation of houses for sale in Lewisham.
|Housing category||Sale price per square foot|
|Aerage sold price/sqft||£6,760|
|Aerage sold price/sqft (new build)||£7,330|
|Aerage sold price/sqft (old stock)||£6,590|
This final table looks at the price per square foot of houses for sale. Looking at the final table, you can take a further average and conclude that the average price per square foot of houses in general in Lewisham is £6,650.
This statistic can be used to compare the price of housing between housing categories again or even compare the price for a different city.
What is the asking price on average of houses for sale in Lewisham?
When investors make offers for houses for sale in Lewisham, the average price asked by the homeowners works out to be £524,980.
In the table below, for all the different sizes of houses in the area, the average asking prices have been displayed. This tells you what kind of house is more or less expensive and sought after despite houses with fewer bedrooms being overall less expensive anyway.
Any house that looks like it is overpriced for the number of bedrooms it has in Lewisham is typically not overpriced. It is just the case that that type of housing has a higher demand, therefore, people are willing to pay more.
Average price of houses for sale in Lewisham
|Average asking price (1 bed)||£367,458|
|Average asking price (2 bed)||£496,330|
|Average asking price (3 bed)||£712,807|
|Average asking price (4 bed)||£959,500|
|Average asking price (5 bed)||£1,302,000|
Reading the table above should therefore give you a good idea of the type of house for sale that is within your budget in Lewisham and if you may need to look at a different area in order to buy the type of house you can afford.
Also, noting the £6,550 should also give you an overview of what the asking price for houses for sale are in general.
Invest in houses for sale in Lewisham with the right professional advice
Choosing the perfect house for sale for you might be challenging in today’s market due to the abundance of available houses.
You may wonder who can guide you through the process of selecting a house that is for sale.
There are several experts that provide guidance and support to potential buyers and the procedure can be drawn out, particularly when dealing with houses for sale.
Here is a list of who to contact to get assistance when purchasing a house for sale:
- Banks – The ones that can lend you the money you need for the house for sale
- Insurance companies – Companies that give you access to various insurances specific to the house for sale you are considering to buy
- Solicitor – The individual or business responsible for handling the legal tasks required to purchase a home that is for sale.
- Civil engineer – Provides you with an appraisal of the house up for sale that you want to purchase.
- Mortgage advisor – Professional advisors that will guide you and propose the best mortgage deals according to your finances
- EPC specialist – Getting professional advice on the energy performance of the house for sale is crucial, especially nowadays.
Choose the right house for sale that suits your needs
What parameters impact the final price of a house for sale in Lewisham?
Here below is our list with the most important ones:
House for sale affordability – check out the (see house affordability guide)
on the UK gov website to know more
House Location – the actual location of a house for sale drastically changes the final price of a property
Transports you can reach by foot – Commuting is part of our lives, especially in big cities, check it out before buying a house for sale.
Number of bedrooms – Usually, the bigger the house for sale the more bedrooms it will have. For example, if you are a single person (or a couple) one bedroom will do.
Energy Performance Certificate of the house for sale – Bad EPCs can result in thousands of pounds more in bills you will have to pay on an annual basis. Consider this when purchasing a new property.
Internet connection – Having a quick internet connection is fundamental nowadays. Check the area of the house for sale to understand what the average internet speed is and see if it fits your needs
Do you drive to the office? – If yes, ask about parking. Is it included in the house price?
Special areas – Start by taking a look at the National Heritage list by the UK government. If a house listed for sale appears in the list, the future landlord won’t be able to invest in changes to the real estate asset.
Houses for sale Conditions – When looking for houses for sale you should always consider the amount of time and money you will have to invest to complete the needed repairs, if any at all.
Thinking about other cities with houses for sale?
See here below a list of cities in the same UK region of Lewisham which is Greater London. You might want to consider these as alternatives for your next real estate investment:
- Bermondsey in Greater London
- Acton in Greater London
- West-Central-London in Greater London
- Beddington in Greater London
- Chalk in Greater London
Or, visit our dedicated page on the houses for sale data for the whole of the UK – houses for sale in the UK.