While many Londoners have left the city during the pandemic, seeking better value for money and more outdoor space, the capital’s property market has remained active with buyers still targeting central locations.
South London boroughs have been the most popular with buyers since the beginning of the first lockdown, according to the latest research, with SW or SE postcodes dominating the top ten list.
Meanwhile, many of the busiest boroughs for housing transactions were in inner London, suggesting that the trend for people leaving the city has been overstated.
Research by estate agent Benham and Reeves showed the CR0 postcode was the most active, with 894 properties sold in outer boroughs Croydon and Sutton at an average price of £350,000.
However, that was followed by Tower Hamlets’ inner London E14 postcode, where there were 759 deals at an average price of £560,000.
SW18 and SW11 in Wandsworth and Lambeth followed, with 622 and 614 housing transactions respectively and an average price of £680,000 and £775,000.
Marc von Grundherr, director of Benham and Reeves, said: “There’s no doubting that the unprecedented events of the last year have spurred many homebuyers to reevaluate their property priorities, opting for larger homes on the outskirts of the capital and beyond.
“This trend has led to the false assumption that inner London has lost its desirability and that buyer demand has evaporated completely. This simply isn’t the case and, in fact, parts of the inner London market have been performing very well since lockdown restrictions were imposed.
“As the capital starts to reopen for business, it is inevitable that demand for central London homes will continue to spread.”
What were the busiest London boroughs for house sales?
|Postcode district||Borough(s)||Completed Transactions||Median Sold Price||Inner/Outer|
|SW19||Merton, Wandsworth||571||£711,850||Inner and Outer|
|SW16||Lambeth, Croydon, Wandsworth, Merton||519||£475,000||Inner and Outer|
|SW6||Hammersmith and Fulham||518||£895,000||Inner|
|SW17||Wandsworth, Merton||516||£594,000||Inner and Outer|
|SE10||Greenwich, Lewisham||483||£550,000||Inner and Outer|