London's wealthiest (and poorest) housing markets
W8 (Kensington) wealthiest housing market in London with average property values of £1,619,044
SE28 (Thamesmead) poorest market with average house prices 53% below the average in the capital
Avg. property value in London now stands at £413,013, 3.2% below peak reached 3 years ago
W8 (Kensington) is the area with the highest average property value in London, according to the latest figures from leading property website, Zoopla.co.uk. The average house price in W8 is now £1,619,044, more than £1.2m higher than the average house price in London, which is currently £413,013.
In contrast, average property prices in SE28 (Thamesmead) currently stand at £195,811, the lowest in London, 88% less than in W8 and 53% below the average in the capital.
The statistics released today by Zoopla.co.uk, which provides free value data on every property in London, reveal SW3 (Chelsea) in second place in terms of areas with the highest average house prices in London at £1,337,548, followed by SW7 (South Kensington) in third position at £1,324,887. Meanwhile, at the other end of the scale, rounding out the top three poorest housing markets in the capital are SE2 (Abbey Wood) where average property values stand at £200,169 and E13 (Plaistow) at £207,843.
Top 10 Wealthiest Housing Markets
Rank | Market | Avg. home value |
|---|---|---|
1 | W8 - Kensington | £1,619,044 |
2 | SW3 - Chelsea | £1,337,548 |
3 | SW7 - South Kensington | £1,324,887 |
4 | W11 - Notting Hill | £1,103,074 |
5 | SW10 - West Brompton | £1,051,229 |
6 | NW3 - Hampstead | £928,644 |
7 | SW1 - Belgravia | £923,446 |
8 | SW13 - Barnes | £920,681 |
9 | NW8 - St John's Wood | £888,840 |
10 | W1 - Westminster | £867,362 |
Source: Zoopla.co.uk
Top 10 Poorest London Housing Markets
Rank | Market | Avg. home value |
|---|---|---|
1 | SE28 - Thamesmead | £195,811 |
2 | SE2 - Abbey Wood | £200,169 |
3 | E13 - Plaistow | £207,843 |
4 | TW13 - Feltham | £207,963 |
5 | SE25 - South Norwood | £210,081 |
6 | E6 - East Ham | £210,462 |
7 | N9 - Lower Edmonton | £211,120 |
8 | SE18 - Woolwich | £214,011 |
9 | EN3 - Enfield | £214,353 |
10 | TW14 - Hatton | £218,361 |
Source: Zoopla.co.uk
Given it is now exactly 3 years since the housing market in London peaked in late 2007, Zoopla.co.uk also studied how each area has fared since the downturn began and it is clear that some parts of the capital have weathered the storm far better than others. Average property values in London as a whole remain 3.2% below their peak levels of 3 years ago and now stand at £413,013, representing an average loss in value of £13,645 over the past 3 years, however are up by nearly 17% over the past 18 months from the lows reached in March 2009.
The NW8 (St John's Wood) market has proven the most resilient in London with average house prices now 6.6% above their October 2007 level. At the other end of the scale, the capital's biggest loser is SE28 (Thamesmead) where property prices remain 9.33% below their peak levels from 3 years ago.
WC1 (Bloomsbury) came in second place in terms of the most resilient housing markets with home values now 5.5% above where they were 3 years ago, followed by NW2 (Cricklewood), up 3.3% since September 2007. However, TW13 (Feltham) and E15 (Stratford) have not fared much better than SE28, down 7.2% and 6.6% respectively over the same period.
Nicholas Leeming, Commercial Director of Zoopla.co.uk comments: "Despite the economic climate London continues to outperform the rest of the country in terms of both current house prices and market performance over the past 3 years. Whilst the capital is the first to falter, it also tends to be the first to recover, however with the upcoming public sector cuts the market is not yet on steady ground."
Top 10 Most Resilient Housing Markets
Rank | Market | Avg. home value | 3-year change (%) | 3-year change (£) |
|---|---|---|---|---|
1 | NW8 - St John's Wood | £888,840 | 6.58% | £54,868 |
2 | WC1 - Bloomsbury | £485,106 | 5.46% | £25,104 |
3 | NW2 - Cricklewood | £405,375 | 3.30% | £12,936 |
4 | NW3 - Hampstead | £928,644 | 3.25% | £29,263 |
5 | NW7 - Mill Hill | £470,808 | 1.85% | £8,563 |
6 | NW6 - Kilburn | £534,388 | 1.83% | £9,613 |
7 | NW1 - Camden | £605,986 | 1.78% | £10,624 |
8 | NW10 - Willesden | £321,093 | 1.70% | £5,375 |
9 | NW5 - Kentish Town | £508,220 | 1.34% | £6,731 |
10 | NW4 - Hendon | £424,541 | 1.25% | £5,220 |
Source: Zoopla.co.uk
Top 10 Least Resilient Housing Markets
Rank | Market | Avg. home value | 3-year change (%) | 3-year change (£) |
|---|---|---|---|---|
1 | SE28 - Thamesmead | £195,811 | -9.33% | -£20,140 |
2 | TW13 - Feltham | £207,963 | -7.15% | -£16,017 |
3 | E15 - Stratford | £235,929 | -6.59% | -£16,631 |
4 | N20 - Whetstone | £546,144 | -6.58% | -£38,434 |
5 | E10 - Leyton | £218,483 | -6.14% | -£14,284 |
6 | HA0 - Wembley | £257,417 | -6.14% | -£16,828 |
7 | E6 - East Ham | £210,462 | -6.08% | -£13,628 |
8 | E16 - Victoria Docks | £270,586 | -6.06% | -£17,463 |
9 | SE25 - South Norwood | £210,081 | -5.95% | -£13,280 |
10 | E17 - Walthamstow | £233,999 | -5.85% | -£14,537 |
Source: Zoopla.co.uk
- Ends -
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