Families priced out of central London are still finding the capital too good to leave. High fares are making commuting an expensive option and have helped reverse a decade-long trend that saw homebuyers seeking better value in the suburbs and country towns.
Research based on Land Registry and government data and prepared exclusively for Homes & Property by Winkworth, London’s largest estate agency chain, shows that 62 per cent of London families who sold up last year remained in London.
Londoners are now much more likely to make comparisons between boroughs in their search for better-value family homes, than to look further afield. Popular and cheaper locations are being found in west London and south of the river — up-and-coming areas previously out of sight and out of mind. A new generation of modern family houses in these areas is another enticement.
While the phenomenon of international buyers has fuelled the market for expensive homes in the core central London areas — Knightsbridge, Belgravia, Mayfair, Kensington and Chelsea — buyers can still go beyond the gold-plated territories to find space and affordability. While some movers are cashing-in equity and trading up or down, the hunt for more affordable locations is seeing Fulham residents crossing the river to put down roots in Battersea and Balham; others are moving from Parsons Green to Putney, from Hammersmith to Shepherd’s Bush, from Islington to Blackheath, and from Clapham to Dulwich.