Hipster hotspots drive market activity south of the river
The latest research from leading London lettings and estate agent, Benham and Reeves, has revealed that while more homes have sold north of the River Thames over the last 12 months, it’s south of the river that is seeing more homes sold on average per borough, driven by the popularity of hipster hotspots such as Peckham.
Benham and Reeves analysed* Gov UK data on property transactions to have completed across the London market over the last 12 months, before dissecting the capital based on the Thames north-south divide to see which side of the river is proving the most popular.
The research shows that 78,326 homes have sold across the capital in the past 12 months and when it comes to total market volumes, it’s north of the river that tops the table. In the last year, 42,658 homes have sold north of the river versus 33,192 to its south.
However, with 21 boroughs, including the City of London, sitting wholly north of the river compared to just 11 south, the higher overall volume of transactions in the north comes as no surprise. But when breaking the market down by the average number of sales per borough, it’s south of the river that has proved the most active.
In the last year, an average of 3,017 transactions per borough have completed south of the river, compared to 2,031 in the north.
The most active markets south of the river over the last 12 months have been Wandsworth, where 4,690 homes were sold, accounting for 14.1% of all transactions to the south of the Thames. Bromley follows closely with 4,184 sales (12.6%), along with Croydon (10.7%), Lambeth (10.2%) and Southwark (8.9%).
North of the river, Barnet leads the way with 3,200 sales, equating to 7.5% of transactions north of the Thames, followed by Havering (6.9%), Waltham Forest (6.4%), Tower Hamlets (6.2%) and Ealing (6.0%).
For those who cannot decide which side of the Thames to call home, Richmond is the only London borough dissected by the river. Over the last year, 2,476 homes have sold there, making it one of the more active markets overall and providing the best of both worlds for those stuck on which way to traverse the Thames.
Director of Benham and Reeves, Marc von Grundherr, commented:
“North of the river has always been favoured for its closer proximity to the City and other key London attractions, not to mention a far more extensive Tube network. However, as high demand has pushed up prices, buyers have increasingly looked south for greater affordability.
We’ve also seen transport links improve over the years, not to mention an extensive number of regeneration projects, and so the south has arguably become the ‘cool’ place to be, with the emergence of hotspots such as Peckham attracting younger buyers and investors alike.”
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