They looked destined to leave St James' Park with a point until Loic Remy struck in injury-time to secure victory for the hosts.
It was a case of what might have been for Villa who enjoyed a purple patch in the first half but failed to make the pressure tell.
Lambert said: "I thought we deserved at least a point out of it, especially after the first-half showing.
"I thought we were excellent in that first half. In the second half, Newcastle came at us strongly, but I don't think either team probably deserved to win the game.
"It's really disappointing and frustrating because I don't think we deserved to lose the game. But with 30 seconds to go, you have got to play the ball long.
"You can't take a chance in that situation and we got punished."
- Sports & Recreation
- Loic Remy