Every gambler dreams of backing a rank outsider that goes on to outpace the odds-on favourite.
1. Wapping: average asking price of £901,031
From industrial wasteland to multimillion-pound warehouse apartments, Wapping’s rebirth is sealed by the £1.5 billion reboot of “Fortress Wapping”, the 15-acre former News International HQ which will eventually provide 1,800 new homes.
Accordingly, asking prices have grown a stonking 154.8 per cent in a decade to an average of £901,031, which means it is now a location full of City types and overseas owners, while born-and-bred east enders have taken the money and run — or been priced out.
2. Brockley: average asking price of £582,016
Fabulous train links to central London — just 14 minutes to London Bridge — have helped Brockley to reinvent itself as the place where buyers head when they’re priced out of neighbouring Peckham or East Dulwich. Average asking prices are now £582,016, up 143 per cent in the last year. Brockley converts rave about its comparatively affordable period architecture, urban village vibe and friendly, community feel.
3. Clapton: average asking price of £639,861
The great Hackney property boom hits its apex in Clapton, with asking prices up 142.4 per cent to an average of almost £640,000. In 2006 Clapton’s main claim to fame was its “murder mile”, scene of a series of shootings. Now gentrification has brought coffee shops and delis to join the Caribbean supermarkets and Indian restaurants, and on sunny days Hackney Downs is packed with middle-class sunbathers.
4. St John's Wood: average asking price of £1,473,962
This quintessential north London urban village isn’t hip; it’s a wealthy, leafy enclave loved by professionals. With Regent’s Park on the doorstep, it offers glorious villas — many now with basement complexes beneath — and a high street full of expensive boutiques that’s strangely dead at night. The American School makes it very popular with buyers from across the Pond, and so prices keep rising, at a rate to match those in Clapton, up 142.2 per cent to an average of almost £1.5 million.
5. Notting Hill: average asking price of £1,689,501
Asking prices have climbed 134.5 per cent in a decade to an average of almost £1.7 million in Notting Hill, and this thoroughly gentrified spot, the only part of prime central London to make today’s list, still has mileage left. However, residents bemoan the loss of independent shops as chain stores take over Portobello Road, and disputes about mega-basements cloud the community atmosphere.
6. New Cross: average asking price of £488,981
Rock band Klaxons formed in New Cross in 2006, when it was genuinely edgy with a thriving music and arts scene. It still has that authentic feel but its lovely Victorian terraces and conversions are no longer affordable to struggling musicians. Average asking prices have mushroomed 134 per cent to almost £489,000.
7. South Lambeth: average asking price of £901,035
This swathe between Vauxhall and Battersea Park is seeing the biggest central London building project since the Great Fire. Average asking prices have leapt 128.5 per cent to £901,035, partly due to new development. In the short term there is trouble afoot in SW8, with price cuts in a bid to shift the glut of new flats. Long term it looks solid, with a new Northern line station to come.
8. South Tottenham: average asking price of £494,528
A work in progress, South Tottenham is in the early stages of a regeneration that includes a £90 million upgrade of the London Overground, bringing faster services and bigger, less-crowded trains. To be blunt, the area’s grotty, but asking prices have grown 123.5 per cent in 10 years to an average £494,528. It’s diverse but deprived and lacks amenities. Hopefully, as buyers discover “SoTo”, this will change.
9. Camden: average asking price of £1,130,722
The market’s a mainstream tourist draw and there is plenty of nightlife, but Camden is noisy and its street sweepers face a mountain of rubbish. Off the main drag are beautiful period homes in surprisingly quiet streets. Asking prices average more than £1.1 million, up almost 123 per cent, and the area is now more likely to be populated by execs than the musicians and writers it was once famous for.
10. Whitechapel: average asking price of £642,420
Ten years ago, people would have assumed the “City fringe” was a trendy hairdo, while Whitechapel was a faintly depressing urban underachiever. Then young Londoners rebelled against transport costs, began walking to work and living in and around the Square Mile. Asking prices are up 119 per cent to an average of £642,420 and the glitzy Goodman’s Fields scheme, with 700 new homes, is sure to attract new bars and eateries.