Wimbledon aces the competition where current market values are concerned
The latest property market analysis from London’s number one lettings and sales estate agency brand*, Foxtons and its award-winning mortgage advisor, Alexander Hall, has revealed that not only does Wimbledon continue to hold the title as the most expensive of the four global tennis majors in terms of average house prices, but it has also seen the greatest improvement in mortgage affordability over the past year.
The joint analysis, conducted by Foxtons and Alexander Hall, examined property markets in the immediate neighbourhoods of the world’s four major tennis tournaments: Wimbledon (UK), Flushing Meadows (US), the 16th arrondissement of Paris (France), and Melbourne Park (Australia).
The research looked at the current average house price in each postcode, annual price trends, the typical monthly mortgage repayment required, and how this mortgage affordability has shifted year-on-year.
The research by Foxtons shows that a more favourable UK mortgage landscape has eased financial pressures on buyers looking to purchase in one of London’s most prestigious postcodes, although they still have to contend with the most robust tennis major property market with respect to current market values.
Wimbledon aces the competition where current market values are concerned
Wimbledon leads the competition when it comes to current market values, with an average property price of £852,958 across the SW19 postcode.
Wimbledon is followed by Paris’s 16th arrondissement where the average home commands a price tag of £730,125, with Flushing Meadows in New York coming in third at an average of £594,513.
Melbourne Park ranks as the most affordable with an average property value of just £284,987 in the surrounding area.
US Open boasts lowest monthly mortgage cost
When it comes to monthly cost of a mortgage, monthly repayments sit relatively evenly across Wimbledon (£4,030), Paris (£3,448)), and Melbourne Park (£3,311), despite Melbourne’s significantly lower property values—reflecting higher borrowing rates in Australia.
In contrast, the US Open site at Flushing Meadows remains the most affordable in monthly terms, with an average repayment of just £1,558.
Wimbledon sees biggest improvement to mortgage affordability
In terms of the annual change in mortgage affordability, Wimbledon has recorded the greatest improvement, with monthly repayments falling -10.6% over the last year.
This was followed by Flushing Meadows (-8.3%) and Paris (-4.3%), while Melbourne Park saw a modest increase of 1% in the cost of a monthly mortgage repayment.
CEO of Foxtons, Guy Gittins, commented:
“Wimbledon remains by far the most prestigious of all four tennis majors when it comes to the local housing market surrounding the iconic sporting venue. This status continues to be underpinned by its global recognition, desirable village charm, and long-standing appeal to both domestic and international buyers.”
Stephanie Daley, Director of Partnerships at mortgage adviser, Alexander Hall, commented:
“Whilst Wimbledon continues to boast the highest property values of all four tennis major locations, buyers with ambitions of living a stone’s throw from the iconic sporting venue will be glad to know that the area has seen a considerable improvement when it comes to the monthly cost of a mortgage.
This, of course, highlights the wider improvements that have been seen across the UK mortgage landscape in the last year, with falling rates playing a significant role in improving buyer affordability.
So whilst securing a foothold in one of London’s most iconic locations doesn’t come cheap, the cost of borrowing in order to buy has certainly become more affordable.”
You May Also Enjoy
London Rents Have Risen 39% in a Decade
‘Difficulty securing a mortgage’ contributing to rise in number of property sales falling through before completion
Sea View Homes Command 38% Premium
SMEs need a ‘Medium sized site’ without area thresholds
Why more buyers are turning their backs on London and looking North