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Clifton Hill, St. Johns Wood, London
Despite the economic climate, the London property market continues to outperform the rest of the country in terms of both current house prices and market performance over the past 3 years. Whilst the capital is the first to falter, it also tends to be the first to recover, however with the upcoming public sector cuts the market is not yet on steady ground.
Key points on the London market are:
- W8 (Kensington) wealthiest housing market in London with average property values of £1,619,044 – £1.2m higher than the average house price in London
- SE28 (Thamesmead) poorest market in London with average house prices 53% below the average in the capital – 88% less than in W8 and 53% below the average in the capital.
- NW8 (St John’s Wood) market has proven the most resilient
- Avg. property value in London now stands at £413,013, 3.2% below peak reached 3 years ago
- Average loss in value of £13,645 over the past 3 years for average London property
Top 10 Wealthiest Housing Markets
| Rank | Market | Avg. home value |
|---|---|---|
| 1 | W8 – Kensington | £1,619,044 |
| 2 | SW3 – Chelsea | £1,337,548 |
| 3 | SW7 – South Kensington | £1,324,887 |
| 4 | W11 – Notting Hill | £1,103,074 |
| 5 | SW10 – West Brompton | £1,051,229 |
| 6 | NW3 – Hampstead | £928,644 |
| 7 | SW1 – Belgravia | £923,446 |
| 8 | SW13 – Barnes | £920,681 |
| 9 | NW8 – St John’s Wood | £888,840 |
| 10 | W1 – Westminster | £867,362 |
Source: Zoopla.co.uk
Top 10 Poorest London Housing Markets
| Rank | Market | Avg. home value |
|---|---|---|
| 1 | SE28 – Thamesmead | £195,811 |
| 2 | SE2 – Abbey Wood | £200,169 |
| 3 | E13 – Plaistow | £207,843 |
| 4 | TW13 – Feltham | £207,963 |
| 5 | SE25 – South Norwood | £210,081 |
| 6 | E6 – East Ham | £210,462 |
| 7 | N9 – Lower Edmonton | £211,120 |
| 8 | SE18 – Woolwich | £214,011 |
| 9 | EN3 – Enfield | £214,353 |
| 10 | TW14 – Hatton | £218,361 |
Source: Zoopla.co.uk
Given it is now exactly 3 years since the housing market in London peaked in late 2007, we also looked at how each area has fared since the downturn began and it is clear that some parts of the capital have weathered the storm far better than others. Average property values in London as a whole remain 3.2% below their peak levels of 3 years ago and now stand at £413,013, representing an average loss in value of £13,645 over the past 3 years, however are up by nearly 17% over the past 18 months from the lows reached in March 2009.
The NW8 (St John’s Wood) market has proven the most resilient in London with average house prices now 6.6% above their October 2007 level. At the other end of the scale, the capital’s biggest loser is SE28 (Thamesmead) where property prices remain 9.33% below their peak levels from 3 years ago.
What is interesting and perhaps unexpected, is that the most resilient areas currently fall in NW postcodes. On closer inspection these locations fall largely along the Jubilee corridor, where family homes in these areas combined with good access to the West End, the City and Docklands on the Jubilee line are likely to have helped prices recover quickly.
Top 10 Most Resilient Housing Markets
| Rank | Market | Avg. home value | 3-year change (%) | 3-year change (£) |
|---|---|---|---|---|
| 1 | NW8 – St John’s Wood | £888,840 | 6.58% | £54,868 |
| 2 | WC1 – Bloomsbury | £485,106 | 5.46% | £25,104 |
| 3 | NW2 – Cricklewood | £405,375 | 3.30% | £12,936 |
| 4 | NW3 – Hampstead | £928,644 | 3.25% | £29,263 |
| 5 | NW7 – Mill Hill | £470,808 | 1.85% | £8,563 |
| 6 | NW6 – Kilburn | £534,388 | 1.83% | £9,613 |
| 7 | NW1 – Camden | £605,986 | 1.78% | £10,624 |
| 8 | NW10 – Willesden | £321,093 | 1.70% | £5,375 |
| 9 | NW5 – Kentish Town | £508,220 | 1.34% | £6,731 |
| 10 | NW4 – Hendon | £424,541 | 1.25% | £5,220 |
Source: Zoopla.co.uk
Top 10 Least Resilient Housing Markets
| Rank | Market | Avg. home value | 3-year change (%) | 3-year change (£) |
|---|---|---|---|---|
| 1 | SE28 – Thamesmead | £195,811 | -9.33% | -£20,140 |
| 2 | TW13 – Feltham | £207,963 | -7.15% | -£16,017 |
| 3 | E15 – Stratford | £235,929 | -6.59% | -£16,631 |
| 4 | N20 – Whetstone | £546,144 | -6.58% | -£38,434 |
| 5 | E10 – Leyton | £218,483 | -6.14% | -£14,284 |
| 6 | HA0 – Wembley | £257,417 | -6.14% | -£16,828 |
| 7 | E6 – East Ham | £210,462 | -6.08% | -£13,628 |
| 8 | E16 – Victoria Docks | £270,586 | -6.06% | -£17,463 |
| 9 | SE25 – South Norwood | £210,081 | -5.95% | -£13,280 |
| 10 | E17 – Walthamstow | £233,999 | -5.85% | -£14,537 |
Source: Zoopla.co.uk
Image may be NSFW.
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Image may be NSFW.Clik here to view.
