Lewisham was the only area in Britain to see a reduction in property prices over the past year. According to the latest figures from the Office for National Statistics, property prices are rising by nearly £700 a day in parts of London.

Although every borough in London saw a rise in house prices, the borough of Lewisham was the only place in Britain to see a price drop of 0.5%. Between March 2021 and 2022, the average house price in Kensington and Chelsea increased by 20.3%, meaning house prices increased by £671 per day on average. In Richmond upon Thames prices rose by an average of £253 a day, while in Westminster house prices rose by £209 a day.

branch manager of Robinson Jackson Lewisham Estate Agents Alan Middlewood told MyLondon the spike in prices across the country was largely down to the stamp duty exemption. Introduced in 2020 to combat the effects of the coronavirus pandemic on the housing market, the stamp duty holiday meant buyers were not required to pay tax on properties up to £500,000 until June 30, 2021.

READ MORE: The priciest streets in Hackney where the average house costs £2.5m

Mr Middlewood said: ‘Last year we had a very big rise in prices with the stamp duty holiday and that was probably the majority of the gain. People were saving quite a bit of money on stamp duty and this overinflated business above what it would have been. But later last year, we weren’t as busy as we would have expected.

“Prices haven’t come down yet, but the market is definitely easing. The news about interest rates and the cost of living may have a bit of an effect on first-time buyers because they think prices will go down.

“I’ve been doing this for 25 years, so I’ve kind of seen these trends before. There is a small transition now where we have had price increases and it takes a while for reviews to marry between sellers and buyers. So I think we’re entering a different phase from where we were last year.

Mr Middlewood also confirmed property prices in Lewisham have fallen slightly, saying: ‘I can agree with that statistic. Prices here have come down a bit because that’s usually what happens when activity slows down. I’m not sure why, but it could be because Lewisham as a borough lacks foreign investment. Below are the average price increases for each London borough from March 2021 to 2022:

Kensington and Chelsea

2022: £1,451,567

2021: £1,206,534

Percentage increase: 20.3%

Richmond on the Thames

2022: £770,509

2021: £678,051

Percentage increase: 13.6%

westminster

2022: £1,030,679

2021: £954,360

Percent increase: 8%

Camden

2022: £868,105

2021: £805,321

Percentage increase: 7.8%

Ealing

2022: £546,906

2021: £501,982

Percentage increase: 8.9%

Bromley

2022: £495,597

2021: £453,171

Percentage increase: 9.4%

Redbridge

2022: £485,183

2021: £445,906

Percentage increase: 8.8%

Bexley

2022: £395,675

2021: £358,856

Percentage increase: 10.3%

Wandsworth

2022: £635,944

2021: £599,282

Percentage increase: 6.1%

Hammersmith and Fulham

2022: £753,234

2021: £717,193

Percent increase: 5%

sutton

2022: £430,730

2021: £394,830

Percentage increase: 9.1%

Barnett

2022: £576,886

2021: £542,160

Percentage increase: 6.4%

Barking and Dagenham

2022: £342,466

2021: £311,911

Percentage increase: 9.8%

Croydon

2022: £419,612

2021: £390,487

Percent increase: 7.5%

Hillingdon

2022: £453,297

2021: £425,448

Percent increase: 6.5%

Hackney

2022: £620,454

2021: £592,641

Percentage increase: 4.7%

City of London

2022: £753,406

2021: £725,635

Percentage increase: 3.8%

Harrow

2022: £510,962

2021: £485,776

Percentage increase: 5.2%

Greenwich

2022: £433,711

2021: £409,008

Percent increase: 6%

To have

2022: £408,884

2021: £384,528

Percentage increase: 6.3%

merton

2022: £564,749

2021: £541,323

Percentage increase: 4.3%

Waltham Forest

2022: £499,051

2021: £483,369

Percentage increase: 3.2%

Newham

2022: £408,856

2021: £393,936

Percentage increase: 3.8%

Tower hamlets

2022: £482,997

2021: £468,434

Percentage increase: 3.1%

islington

2022: £699,757

2021: £685,818

Percent increase: 2%

Enfield

2022: £434,190

2021: £422,285

Percentage increase: 2.8%

Kingston on the Thames

2022: £516,015

2021: £505,877

Percent increase: 2%

Haringey

2022: £584,622

2021: £575,885

Percent increase: 1.5%

Lambeth

2022: £542,820

2021: £535,077

Percentage increase: 1.4%

Hounslow

2022: £431,343

2021: £425,666

Percentage increase: 1.3%

Brent

2022: £513,666

2021: £513,100

Percent increase: 0.1%

Southwark

2022: £525,923

2021: £525,775

Percent increase: 0%

Lewisham

2022: £446,777

2021: £449,066

Percent increase: -0.5%

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