It is the birthplace of Kate Bush, Delia Smith went to school there — and now buyers wanting a home in Bexleyheath had better have sharp elbows, because the far-flung suburb is officially the hottest ticket in town.
New research from Rightmove, published today, has identified where London property sells the fastest. Homes in Bexleyheath in south-east London — where average prices stand at £375,259 — sell in just three weeks, thanks a potent local mix of affordable property, grammar schools, and a 35-minute commute to central London.
Abbey Wood, also in south-east London, is a close second, benefiting from the imminent arrival of the Elizabeth line (formerly Crossrail). Property there sells in an average of 22 days, and an average house costs £326,815. Dartford’s market is equally hot, with homes that also take 22 days to sell, at an average price of £290,523.
Mapped: the 10 London districts where homes are selling the fastest
VALUE FOR MONEY
What all the top 10 locations in today’s study have in common is value for money. The most expensive, with an average price of £471,931, is Bexley, while the cheapest is Erith, with an average price of £261,433. They are also the areas of London where prices are predicted to start rising fastest.
“Where there is more demand than supply, there is more potential for price growth,” said Lucian Cook, director of residential research at Savills. “Growth is moving into low-value markets where four or five years ago buyers would have been reluctant to look. Buyers really need to be ready to move and have their finances in place when they find the house they want.”
At the other end of the spectrum, homes currently taking the longest to sell are predictably more expensive. In leafy Northwood, in north London, it takes an average 128 days to shift a home, at an average price of £830,993.
Homes in Kensington, where average prices stand at just over £3.1 million, take 123 days to sell. Other slow-moving areas include Richmond and Richmond Park, Notting Hill, Ealing and Chelsea.
Cook said buyers are put off by high prices and increases in stamp duty for homes costing £2 million-plus. Prices across prime central London are stagnating. “Vendors who are holding out for top dollar could have a very long wait.”