New Build Investor Guide – Lambeth, London

Apr 2021

Buying a new build property off plan? Check out our Area Guide first

Are you considering purchasing a new build, off plan property in Brent? Want to get the latest information on house prices, demographics and other useful information before you commit to a deal?

Our Area Guides give you the latest relevant information from local governments, the Census and the Office of National Statistics (ONS) data. They’re designed for offshore, new build property investors to help you understand an area in detail so you can make informed investment decisions.

Read on for investor details specifically about Brent but if it’s more detail about the wider UK property market you need, you can download our latest report here. In our report we address two key questions:

1 Is investing in UK residential property still worth it?
2 If so, where are the best opportunities for property investors and why?

Lambeth, London

Lambeth is one of 12 inner London boroughs and is located in south London. Spanning over 10 miles², Frazer Street (near Lambeth North station) is the geographical centre of London and lies immediately south of the river Thames. The borough also borders Southwark, Croydon, Merton and Wandsworth. It’s home to the Royal National Theatre on the South Bank and the London Eye . It includes the districts of Lambeth, Vauxhall, Kennington, South Lambeth, Stockwell, Brixton and large parts of Clapham, Balham, Streatham and Norwood.

london eye PropTech Pioneer

Demographics

Lambeth’s population is forecast to grow by 4% by 2030

Population (2018) 334,724
Forecast Population 2030 347,007

Source: data.london.gov.uk


Economically Active Population

A largely young, diverse, mobile population.

Age Range Percentage of population
16 – 64 75%
Under 15 17%
Over 65 8%
Martial Status:  
Single 58%

Source: data.london.gov.uk


Average Life Expectancy

The average life expectancy for those born in Kensington and Chelsea between 2016 and 2018 is the second longest in London for both males and females.

Males 79
Females 84

Source: ons.gov.uk


Population Density (2011)

Lambeth is the 7th most densely populated local authority in England, with 12,156 people per km2.

Source: ons.gov.uk

International Migration (2018-19)

5,985 new residents from overseas, the 11th highest of all London boroughs.

Source: ons.gov.uk

Country of Birth

Location of Birth Proportion of Population
UK and Ireland 63%
EU 11%
Other countries 26%

Source: data.london.gov.uk


Crime & Safety

Crime Numbers (April 2017 – March 2018)   34,191
Crime rate per 1,000 population (April 2017 -March 2018) 104
Kensington and Chelsea has the 10th highest crime rate per 1,000 people of all London borough’s  

Source: data.london.gov.uk


Education

Schools

Primary Schools 71 (27 of which have an Ofsted rating of outstanding)
Secondary Schools      29 (8 of which have an Ofsted rating of outstanding)
Schools and Colleges (16-18 years) 28 (8 of which have an Ofsted rating of outstanding)

Source: compare-school-performance.service.gov.uk

Universities

City & Guilds of London Art School

Hospitals

The Lambeth Hospital
St Thomas’ Hospital

General Wellbeing

Population considering themselves in very good health 53%
Population considering themselves in very bad health 1%

Source: data.london.gov.uk


Employment & Economy

81% of working aged people employed (compared to 75% across England 74% across London).

Top 4 Sectors of Employment

Finance, banking and insurance 33%
Public administration, education and health       30%
Transport and communication 11%
Distribution, hotels and restaurants 10%

Source: data.london.gov.uk


Major Employers

In 2020, there were over 50 companies the borough employing more than 250 people and 160 companies employing between 50 and 249 people. (source: nomisweb.co.uk)

Jobs and Job density

Aproximately 36,385 residents of Lambeth also work in the borough. 76,650 people travel into the borough each day for work and 94,272 residents work outside the borough. The daytime population of borough therefore decreases by 17,622 people each day. (source: data.london.gov.uk).

Median Gross Annual Pay for full-time employee jobs (2017) £31,365
Number of jobs in the borough (2019)            92,000
Jobs per resident        0.49 (London average 1.03 and UK average 0.87)

Source: nomisweb.co.uk and data.london.gov.uk


Housing

Number of residential properties in Lambeth 140,390

Source: data.london.gov.uk


Property Ownership (2018)

own property outright (no mortgage) 17%
own property with mortgage 25%
rent from a Housing Authority or the Local Authority 34%
rent from a private landlord (representing approximately 33,300 private rentals) 25%

Source: data.london.gov.uk

Household with no car or van (2011) 58%

Source: nomisweb.co.uk


Household Composition

One person households    34%
One family households     45%
Other  (sharers / students etc)   21%

Source: nomisweb.co.uk


Average House Prices

House prices in Lambeth are the 13th most expensive of all London boroughs.

Average achieved price January 2020 £523,157
Average achieved price January 2021 £542,466
Increase/Decrease  +3.7%

Source: www.gov.uk


Volume of Sales

During the COVID pandemic, the number of property transactions fell by 23%. The 10th largest decline of all London boroughs.

Number of residential sales to year ending September 2019 3,420
Number of residential sales to year ending September 2020    2,623

Source: ons.gov.uk


Achieved Rents (January to December 2020)

Mean monthly average rents in the borough:

  London Median Rents
(per calendar month)
Lambeth
(per calendar month)
Studio     £950 £1,127
1 bedroom £1,200 £1,495
2 bedrooms £1,450 £1,699
3 bedrooms £1,750 £2,275

Source: london.gov.uk

southbank PropTech Pioneer

The Oxo Tower and London eye on the Southbank.

New Build Developments in Lambeth

Several notable developments in Lambeth are currently on the market, many of which have been launched in Asia and the Middle East.

Southbank Place (Qatari Diar / Canary Wharf Group)

Total Number of Apartments 877 (779 private)
First Launched September 2015

Visit Website

Average Prices – Southbank Place

  Minimum Average Maximum
Price £625,000 £2,792,935 £15,570,000
Price per ft² £1,404 £2,190 £4,078
Area (ft²) 394 1,164 3,862

source: Molior

  Minimum Average Maximum
Studio £625,000 £721,000 £625,000
1 Bedroom £780,000 £988,677 £780,000
2 Bedroom £1,525,000 £2,471,548 £1,525,000
3 Bedroom £3,510,000 £4,806,458 £3,510,000

source: Molior


Oval Village (Berkeley)

Total Number of Apartments 586 (406 private)
First Launched February 2019

Visit Website

Average Prices – Oval Village

  Minimum Average Maximum
Price £543,000 £830,402 £1,560,000
Price per ft² £971 £1,226 £1,458
Area (ft²) 423 684 1,103

source: Molior

  Minimum Average Maximum
Studio £543,000 £567,677 £590,000
1 Bedroom £606,000 £692,688 £772,000
2 Bedroom £867,000 £945,400 £1,050,000
3 Bedroom £1,071,500 £1,344,125 £1,560,000

source: Molior

DAMAC Tower (DAMAC)

Total Number of Apartments 450 (350 private)
First Launched July 2015

Visit Website


Average Prices – DAMAC Tower

  Minimum Average Maximum
Price £921,000 £2,209,716 £14,267,671
Price per ft² £1,523 £2,204 £3,938
Area (ft²) 484 958 3,742

source: Molior

  Minimum Average Maximum
Studio £921,000 £1,008,879 £1,181,000
1 Bedroom £985,000 £1,172,186 £1,500,000
2 Bedroom £1,430,000 £2,089,058 £2,768,823
3 Bedroom £2,855,000 £4,308,323 £5,971,000

source: Molior


Clapham Place (Regal London)

Total Number of Apartments 62 (50 private)
First Launched April 2020

Visit Website


Average Prices – Clapham Place

Pricing below relates to three bedroom apartments only. Data not available for smaller apartments.

  Minimum Average Maximum
Price £845,000 £973,000 £1,025,000
Price per ft² £866 £891 £920
Area (ft²) 918 1,094 1,138

Source: Molior


Environment & Leisure

Lambeth has a host of world famous attractions and leisure facilities including:

The London Eye
The Royal Festival Hall
The National Theatre
The Old Vic Theatre
The Southbank
Lambeth Palace
Brixton Market
Streatham Ice Rink
The London Aquarium
Southbank Skate Park
The Oval Cricket Ground
10 libraries
3 swimming pools
4 public gyms
25 parks and gardens

Transport

Lambeth’s underground and overground stations are in Zones 1 and 2.

Overground Stations

Brixton Clapham High Street
Gipsy Hill Herne Hill
London Waterloo London Waterloo East
Loughborough Junctions Streatham
Streatham Common Streatham Hill
Tulse Hill Vauxhall
Wandsworth Road West Norwood

Underground Stations

Brixton (Victoria line) Clapham Common (Northern line)
Clapham North (Northern line) Lambeth North (Bakerloo line)
Oval (Northern line) Stockwell (Northern and Victoria lines)
Vauxhall (Victoria line) Waterloo

Local Government

The Labour Party

UK market report 1536x768 2 PropTech Pioneer