The 23-year-old has put pen to paper on a four year contract with the midlands club after the two sides agreed an undisclosed fee, believed to be in the region of £3million.
Lambert said: "Matthew is a really talented young player who brings a lot of things that can really benefit the club. He's a good player already and he's only young so he has the potential to be a really good player for us. He's hungry to succeed and to go further in the game, both of which are attributes that we want at this football club and that we are looking for."
He continued: "We won't put any pressure on him. We just want him to go out and enjoy playing.
"What he's done so far at Sheffield United has been great so hopefully we can progress him a bit and he'll do very well for us."
Lowton was an ever present for United last season, when they were beaten in the League One play-off final by Huddersfield at Wembley.
But he is relishing the chance to try and impress in the Barclays Premier League.
Lowton said: "It's every boy's childhood dream to play in the Premier League and it was one of mine. Hopefully I can repay the faith the manager has shown in me at a higher level.
"As a League One player last season, Premier League players are what everyone looks up to. Seeing guys like Darren Bent and Gabby Agbonlahor and people like that is fantastic. Meeting players who have played international and Premier League football all their lives is amazing.
"It's a new era with the new manager and a few new signings. The squad has already got some fantastic players so hopefully we can all come together and have a successful season."
Source: PA
Source: PA