The capital has long been associated with a booming property market and ever-expanding population. In this series, we look at the latest figures from property management firm CBRE focusing on all of London’s 33 boroughs, separated into north, south, east and west.
South London has generally been seen as more affordable but slightly less trendy than the north and east, but it has changed a lot over the years and is becoming increasingly popular.
Bexley
One of the late joiners to Greater London 50 years ago, Bexley is a popular leafy suburb with more than 200 parks and green spaces. It doesn’t have the best transport into the city, with no underground tube station, but will benefit from the new Elizabeth Line when it launches next year, with a station at Abbey Wood. The area is expected to transform, and the improved transport link could lead to a rise in population.
- Current population: 244,300
- Population growth over next decade: 9%
- Average salary: £32,941
- Average house price: £340,207
- House price growth over last 5 years: 68%
- House price growth 5-year forecast: 23%
- Average rent: £1,064pcm
- Rental growth over last 5 years: 30%
- Rental growth 5-year forecast: 16%
Bromley
Another leafy borough, Bromley has always been popular with families. It is the biggest borough in the capital at 59 square miles and the most sparsely populated, so an excellent option for those wanting to be near London but feel far away. It has great transport links and houses there don’t come cheap, with prices just short of the London average of £496,000 according to some estimates.
- Current population: 327,900
- Population growth over next decade: 10%
- Average salary: £41,508
- Average house price: £444,339
- House price growth over last 5 years: 58%
- House price growth 5-year forecast: 19%
- Average rent: £1,243pcm
- Rental growth over last 5 years: 13%
- Rental growth 5-year forecast: 17%
Croydon
It’s had a bad reputation for many years, but Croydon is about to undergo a huge transformation. There’s £1bn due to be spent on boosting the economy and town centre, and the area’s new housing, shopping and nightlife investments have already made big changes. A new Westfield shopping centre in the area is expected to be finished in 2021.
- Current population: 386,500
- Population growth over next decade: 10%
- Average salary: £31,344
- Average house price: £374,276
- House price growth over last 5 years: 68%
- House price growth 5-year forecast: 19%
- Average rent: £1,280pcm
- Rental growth over last 5 years: 19%
- Rental growth 5-year forecast: 18%
Greenwich
Greenwich is popular with tourists, with its quaint shopping centre and market, the Cutty Sark and the Observatory, among other things. It is connected by the underground, the DLR and overground train stations, and is about to see some major investment and regeneration. The Greenwich Peninsula project near the O2 Arena will create 15,000 homes, and the Elizabeth Line will bring more opportunities.
- Current population: 386,500
- Population growth over next decade: 10%
- Average salary: £31,344
- Average house price: £374,276
- House price growth over last 5 years: 68%
- House price growth 5-year forecast: 19%
- Average rent: £1,280pcm
- Rental growth over last 5 years: 19%
- Rental growth 5-year forecast: 18%
Kingston upon Thames
As its name suggests, this borough sits on the River Thames. It’s a popular destination for shoppers, boasting a whopping 736 shops across the area. The Bentall Centre is a major draw, and it is about to see investment bringing a cinema, four new restaurants and a three-storey H&M. House prices here are higher than the London average, and it attracts young professionals as well as families.
- Current population: 175,400
- Population growth over next decade: 11%
- Average salary: £38,370
- Average house price: £509,038
- House price growth over last 5 years: 58%
- House price growth 5-year forecast: 18%
- Average rent: £1,468pcm
- Rental growth over last 5 years: 8%
- Rental growth 5-year forecast: 16%
Lambeth
This south London borough encompasses popular central locations such as the Southbank and Vauxhall, as well as Brixton and Clapham further away. The Vauxhall, Nine Elms and Battersea regeneration area will see 18,000 new homes and 25,000 new jobs, and the Waterloo area is also set to see a further 1,900 new homes with an £800m redevelopment.
- Current population: 328,900
- Population growth over next decade: 7%
- Average salary: £32,779
- Average house price: £529,546
- House price growth over last 5 years: 59%
- House price growth 5-year forecast: 18%
- Average rent: £2,027pcm
- Rental growth over last 5 years: -3%
- Rental growth 5-year forecast: 22%
Lewisham
Another borough that sometimes suffers a poor reputation, the areas of Deptford, New Cross and Catford have grown in popularity in recent years and will see more regeneration in the future. Lewisham town centre is having a facelift to provide new shops, restaurants, bars and cafes, as well as around 800 new homes. It has seen one of the strongest house price rises in London at 71% over the past five years.
- Current population: 303,400
- Population growth over next decade: 11%
- Average salary: £33,405
- Average house price: £411,719
- House price growth over last 5 years: 71%
- House price growth 5-year forecast: 20%
- Average rent: £1,410pcm
- Rental growth over last 5 years: 14%
- Rental growth 5-year forecast: 19%
Merton
The borough of Merton includes Wimbledon, the world-famous home of the annual tennis tournament. It is an affluent area full of green space, including Wimbledon Common, though it is more affordable than its neighbour Wandsworth. Morden to the south of the borough will benefit from a housing development of around 1,100 new homes and commercial space with a £42m investment.
- Current population: 208,100
- Population growth over next decade: 10%
- Average salary: £50,042
- Average house price: £513,132
- House price growth over last 5 years: 61%
- House price growth 5-year forecast: 20%
- Average rent: £1,623pcm
- Rental growth over last 5 years: -13%
- Rental growth 5-year forecast: 19%
Southwark
Another tourist hotspot, Southwark is right in the thick of things with London Bridge, Borough Market, the Shard and lots more. It’s full of businesses as well as homes, shops, restaurants and bars, and is on the doorstep of the city. With a possible extension to the Bakerloo Line on the cards, the borough would benefit from increased investment.
- Current population: 314,300
- Population growth over next decade: 10%
- Average salary: £36,001
- Average house price: £527,828
- House price growth over last 5 years: 56%
- House price growth 5-year forecast: 20%
- Average rent: £1,736pcm
- Rental growth over last 5 years: 6%
- Rental growth 5-year forecast: 23%
Sutton
Further south than Merton, Sutton is picturesque and has some of the best schools in the country, making it a popular area for families. Places like Carshalton and Cheam are conservation areas and still have a village feel, while being well-connected to the city centre. An extended Tramlink in the borough is expected to bring more investment to the area.
- Current population: 202,600
- Population growth over next decade: 11%
- Average salary: £30,700
- Average house price: £379,870
- House price growth over last 5 years: 59%
- House price growth 5-year forecast: 21%
- Average rent: £1,174pcm
- Rental growth over last 5 years: 19%
- Rental growth 5-year forecast: 18%
Wandsworth
Part of inner London, Wandsworth borough has three large green spaces – Battersea park, Wandsworth Common and Tooting Common. A lot of the residential neighbourhoods are conservation areas, and house prices are high at an average £626,973. Tooting and Balham have seen a rise in popularity recently, and Battersea Power Station will soon be home to a major US tech firm, a boost to the area.
- Current population: 321,000
- Population growth over next decade: 7%
- Average salary: £52,152
- Average house price: £626,973
- House price growth over last 5 years: 53%
- House price growth 5-year forecast: 15%
- Average rent: £1,952pcm
- Rental growth over last 5 years: 6%
- Rental growth 5-year forecast: 22%
The post What you need to know about the London housing market: South London appeared first on BuyAssociation.
