Blog

RML 1 5254

Increasingly Popular London Locations

London Locations Increasing In Popularity

London House Prices

A recent article by the Evening Standard revealed the boroughs of London that saw the biggest annual rises - and falls in house prices for 2022, based upon data supplied to them by the property portal Zoopla.

2022 saw a mixed year for the London housing market. Prices continued to rise throughout the first half of the year, however most indices show prices then began to fall. The Nationwide index shows prices fell in December for a fourth consecutive month, the first time that has happened since the financial crisis in 2008.

Prices still increased overall over the course of 2022. According to Nationwide's quarterly index, which it uses for regional comparisons, prices for the UK as a whole still increased by 4.8%. London was the worst performing region in England, registering price growth for the year of 4.1%. Perhaps this is a result of housing affordability problems, which seem to be the most acute in London. The Nationwide December report points out that, "looking back since the turn of the century, London remains the top performing region, with average house prices having increased by 304% since 2000 (by comparison UK average earnings have increased by around 85% over the same period)." When put like that it hardly seems surprising that London should be particularly vulnerable to house price falls in the current economic environment.

For 2023, Nationwide has predicted modest UK house price falls for 2023 of around 5%. Halifax has been more pessimistic, predicting price falls of around 8%.

5 London Boroughs Bucking the Trend

The London boroughs that showed the most resilience in 2022 were not those we're used to seeing topping the house price performance tables. Once again, this is perhaps a matter of relative affordability. The recent surge in interest rates combined with such high house prices in London will inevitably see many home buyers turning their search to less expensive locations.

Price resilience in cheaper, further out, London boroughs may also be a result of continuing post pandemic desire for more space. Many people continue to work from home, for at least some of their working week, and perhaps always will. These buyers often want more space at home and are less concerned with how long it takes them to commute into central London as they don't need to do it so often.

When choosing where to live in London, affordability is a very important factor for buyers. We are all constrained by our own personal financial limitations. However, home buyers and renters will of course also want to know whether a particular area or neighbourhood is a nice place to live.Here we take a look at the top 5 performing London boroughs for 2022 and some locations within them.

5. Richmond-upon-Thames. Average asking price £774,500, an increase of 5.2%. The borough of Richmond-upon-Thames will require no introduction for most Londoners. Picturesque Richmond has long been highly sought after and popular amongst the wealthy. While the other top performing London boroughs for 2022 are all among the cheapest, Richmond-upon-Thames is actually London's second most expensive borough, after the City of Westminster.

Richmond itself is perhaps the best known location within the borough. RML user Bread Pita praises the virtues of the famous Richmond Park, claiming "it is about as close to the countryside that you can get in a city and has the freshest air that you can find in London." Richmond town centre is also pretty delightful.

Richmond Terrace Walk

Sadly, Richmond is not very affordable. Apartments begin at around £320k, with terraced houses starting at around £600k. Expect to pay upwards of £800k for a semi-detached house and £1.5m for a detached property.

On RML Richmond currently has an overall rating of 8.8/10. Users have rated it well for Architecture, Attractive Houses & Pretty Streets, Parks & Green Spaces, Pedestrian Accessand Pubs & Cafes. At the time of writing it has scored poorly for Affordability and Public Transport.

4. Sutton. Average asking price £445,800, an increase of 5.2%. Sutton is a borough sitting on the southern edge of London. It sits 4th in the table for London price increases over the course of 2022.

Carshalton is an attractive neighbourhood within the London borough of Sutton. Carshalton is well worth a visit to see the picturesque historical area around the Carshalton Ponds. Listed buildings and Grove Park surround the ponds and the high street area is home to a number of inviting cafes, restaurants and pubs. LenaZ42 has said: "The area around the Carshalton ponds is beautiful with historic buildings surrounding them along with Grove Park. It's a quiet part of town but seems like a great option to me if you have kids and you're looking to move out a bit."

The Parade, Carshalton

The area around the historic village certainly is very pretty but expect to pay a premium for houses in that pocket. Property in the wider Carshalton area is generally not so characterful but residents do of course enjoy access to the attractive centre and its amenities.

1 bed flats start at around the £180k mark. Terraced houses are marketed at around £350k with often quite characterful Semi-Detached cottages starting at around £420k. Detached houses can be found from £650k.

On RML Carshalton currently has an overall rating of 7.9/10. Users have rated it well for Architecture, Attractive Houses & Pretty Streets, High Street and Pubs & Cafes. At the time of writing it has scored poorly for Hipness and Nightlife & Entertainment.

3. Havering. Average asking price £428,900, an increase of 5.5%. The London borough of Havering is one further out beyond Barking & Dagenham but is generally considered more desirable. Prices do reflect this but they are still on the affordable side, by London standards.

The location Upminster will be familiar to many Londoners as it is the final stop eastbound on the district line. Upminster is an increasingly desirable location with good, albeit slow, transport into Central London, while also being on the border of Essex countryside. RML user Dave74 has said "Upminster is probably the nicest place in the borough of Havering. It has a quiet, relaxed feel, good value housing and great schools." Upminster also enjoys a pleasant centre, with a great range of cafes and restaurants and has a nice open feel in the area around Upminster Park.

Station Road, Upminster

Upminster is quite good value for money by London standards. 1-2 bed flats begin at around the £250k mark. Terraced houses start at around 400k, Semi-detached houses at £450k and there are detached houses available from £550-£600k upwards.

On RML Upminster currently has an overall rating of 7.6/10. Users have rated it well for Driver Access, Public Transport, Schools and High Street. At the time of writing it has scored poorly for Hipness and Museums, Galleries & Culture.

2. Bexley. Average asking price £403,800, an increase of 5.7%.

2nd in the table of London boroughs for 2022 is Bexley, another outer borough, this time in South-East London.

The neighbourhood Bexley, or Bexley Village as it is referred to, is said to be the most desirable area within the borough of Bexley. RML user Onwumere has said if people are considering living in this London borough then they will "probably want to live in Bexley. Barnehurst is quite nice too." Onwumere says Bexley Village is "hardly the Cotswolds" but it is quite pretty". Bexley does have an attractive old Village centre built around the high street and the train station.

Bexley is also reasonably affordable by London standards. As at January 2023, there are 1 bed flats on sale from around £250k. 2 bed terraced houses listed for sale from £375k, 3 bed semi-detached houses from £425k and detached houses available from around the £700k mark.

On RML Bexley currently has an overall rating of 7.9/10. Users have rated it well for High Street, Pedestrian Access, Parks & Green Spaces and Architecture. At the time of writing it has scored poorly for Hipness, Sport Facilities, Nightlife & Entertainment and Museums, Galleries & Culture.

1. Barking and Dagenham. Average asking price £339,100, an increase of 6.6%. Barking and Dagenham was, and still is, the cheapest London borough. That is partly due to it being one of the outer London boroughs but it's probably fair to say that's not the only reason. This is an area of London that has long been in economic decline.

In an attempt to address this problem and to provide some of the many additional homes London so desperately needs, a huge project has been underway in the borough, on the banks of the River Thames. Barking Riverside is an ongoing development on brownfield land where the Barking Power Station used to sit. The area has been repurposed and, once complete, is to provide over 10,000 new homes. Barking Riverside train station opened in July 2022 and connects residents to the city via the London Overground network.

RML reviewer Nightrider has described Barking Riverside as "an exciting development", noting that London needs new homes, especially affordable homes. 1,2 and 3 bed apartments and 4 bedroom houses are currently available from housing developer L&Q Homes through shared ownership. Nightrider has questioned whether a home can truly be considered affordable if the owner is only able to buy it through a shared ownership plan.

The fact that the government has to buy a share of the property in order to persuade the building company to construct it does say a lot about London's housing crisis.

Nightrider points out that the Barking Riverside development is in a great spot, on the banks of the River Thames and only 20 mins by train into central London. However the reviewmylocation user does express concern at how long the area will feel like a building site and says it is not the best in terms of shops and cafes. Wandering around Barking Riverside the area does feel very quiet. It has a slight dormitory feeling in the sense that this may be where the residents sleep but at this stage there is not enough here in terms of pubs, cafes, shops and entertainment. Local residents have also complained about a lack of other critical amenities such as schools and healthcare facilities.

On RML Barking Riverside currently has an overall rating of 5.6/10. Users have rated it well for Safety, Affordability, Cleanliness and Public Transport. At the time of writing it has scored poorly for Nightlife & Entertainment, Museums, Galleries & Culture, Pubs & Cafes & Shopping.

www.ReviewMyLocation.Com

Please visit ReviewMyLocation for more information on these and other locations. Trying to decide where to live in London? Use the rml map or the locations list to browse London locations. Become a member for free and join the RML community. Get involved in the discussion.

1 Comments

Jamie Wong

10 06 2023

Very interesting!