London's wealthiest (and poorest) housing markets
6th October 2010
- 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 -
For further information, please contact PR Team on pr@zoopla.co.uk or +44 (0)20 3873 8770.
Notes to editors
About Zoopla.co.uk
Zoopla.co.uk is the UK's most comprehensive property website, focused on empowering consumers with the resources they need to make better-informed property decisions. We help our users make sense of the residential property market by combining property listings with market value data, local information and community tools.
Zoopla.co.uk was founded on the principles of transparency and efficiency and everything we do aims to make the market more effective for both property consumers and professionals alike. By combining free, instant value estimates for every UK home with sold prices, local market information and hundreds of thousands of properties available for sale and to rent, Zoopla.co.uk has rapidly become the ultimate destination for property consumers to search for property and do their market research. Our unique features allow users to gain an insight into the market and discover information they won't find anywhere else. And, as a result, we have become one of the most valued sources of both applicant and vendor leads for UK estate agents.
Launched in 2008, we are the fastest growing property website in the UK, now attracting over 12 million visits per month and are proud to have been awarded numerous accolades including being listed in the Top 10 UK Tech Companies (Guardian) and the Top 10 Most Innovative UK Companies (Smarta 100) as well as being voted the UK's Best Property Portal (Web User, Daily Mail Awards, Website of the Year).
Zoopla Limited is a privately held company with a highly experienced and proven management team, led by Founder and CEO, Alex Chesterman, and backed by well-respected angel investors and leading venture capital firms Atlas Venture (atlasventure.com) and Octopus Ventures (octopusventures.com).