The Nice London Divide: South of the river outperforming the North on home worth progress and gross sales quantity

Based on the most recent analysis by London lettings and property agent, Benham and Reeves, South London’s housing market is outperforming the North each by way of gross sales quantity and annual worth progress, whereas the typical worth of a house within the south stays considerably extra inexpensive.

Benham and Reeves has analysed the housing markets throughout the boroughs of North and South London, measuring gross sales quantity, common home worth, and annual worth change in every borough to disclose how the present efficiency of the North, which is traditionally extra fascinating and costly, compares with that of the South.

The information exhibits that the South is main the way in which by way of the typical variety of properties offered during the last yr, averaging 3,003 gross sales per borough prior to now 12 months.

With a complete of 4,552 gross sales, Wandsworth is probably the most lively market within the South, adopted by Bromley (4,374) and Croydon (3,953). The fewest Southern gross sales have are available Kingston-upon-Thames (1,961).

In the meantime, within the North, the typical 12-month gross sales per borough is available in at 1,929.

Barnet is main the way in which with 3,415 whole gross sales, adopted by Havering (3,017) and Tower Hamlets (2,894). The bottom variety of gross sales north of the river have come from the Metropolis of London, the place simply 141 transactions occurred over the yr.

Regardless of this robust efficiency from the South, North London stays the costlier aspect of the Thames.

The typical home worth within the North is £594,634 in comparison with £519,289 within the South.

The North’s most costly boroughs are Kensington & Chelsea (£1.3m), the Metropolis of Westminster (£968,017), and Metropolis of London (£960,868).

Essentially the most inexpensive are Barking & Dagenham (£344,518) and Newham (£417,402).

Within the South, the costliest boroughs are Richmond-upon-Thames (£760,775), Wandsworth (£639,194), and Merton (£584,378), whereas probably the most inexpensive are Bexley (£399,578) and Croydon (£425,364).

However the North’s home worth dominance over the South may not final endlessly as a result of, throughout this slower, cooling housing market that we’ve seen prior to now yr, worth progress has been a lot stronger within the South.

Throughout Southern boroughs, the typical annual worth progress is 5%, with Greenwich (9.2%) and Kingston-upon-Thames (9.1%) main the cost and not one of the boroughs recording unfavourable progress.

Within the North, common progress is simply 3.3%, led by the Metropolis of London (13.4%) and Tower Hamlets (11%), whereas 5 Northern boroughs have seen costs fall, together with the Metropolis of Westminster (-8.8%), Kensington & Chelsea (-5.2%), and Camden (-2.2%).

Director of Benham and Reeves, Marc von Grundherr mentioned, “Relying on what aspect of the river you reside on, you’ll have fierce opinions on which is finest – north or south?

However whereas the north loved a few years broadly thought of probably the most fascinating, stylish, and culturally vital a part of city, the south has additionally come into its personal lately, due to the emergence of hipster hotspots equivalent to Peckham.

After all, like the broader UK market, London is fragmented. Whereas some boroughs battle to keep up costs and demand, their neighbouring boroughs can soar.

So whereas we might have seen larger demand to the south by way of purchaser appetites, many areas of the north stay extraordinarily widespread. Barnet is main the way in which on this respect, largely pushed by the large funding and progress seen in Colindale, which has enticed a large number of patrons of late.”