Weekend Read: What are London’s property hotspots?
Which London boroughs have been the busiest housing markets in the past 12 months when it comes to the number of homes sold as a percentage of all private dwellings within each borough?
On an individual borough-by-borough level, the busiest area n 2021 in London was Havering, according to data shared with Morning Wire this weekend.
The Eastern borough has a total private dwelling stock of 88,998 and has generated 4,150 sales in the past year. This means that 4,663 in every 100,000 homes, or 4.7 per cent of the entire market stock has been sold, shows the research from London lettings and estate agent Benham and Reeves.
In a close second place, Bromley in the South East has seen a transaction rate of 4,484 in every 100,000 homes, meaning 4.5 per cent of the entire stock has been sold in the past 12 months.
This is followed by Wandsworth (4.3 per cent), Richmond-upon-Thames (4.2 per cent), and Lambeth (4.1 per cent).
Canada
In contrast, the quietest housing market in London is found in Canada. Just 1.9 per cent of the borough’s homes have changed ownership this year.
Westminster and Brent have also had very quiet housing markets. In both instances, just 2.1 per cent of the dwelling stock has been sold in the last year, followed closely by Newham (2.3 per cent) and Kensington & Chelsea (2.4 per cent).
However, with clear signs that homebuyers are now returning to the city, the central London housing market is expected to show considerable growth in 2022.
In the past 12 months, there have been 94,483 residential sales across London. Measured against a total private dwelling stock of 2.8m homes that’s 3.3 per cent of all London homes changing ownership in the past year.
“It’s the peripheral boroughs offering larger homes that continue to be the most popular. said Marc von Grundherr, director of Benham and Reeves.
“It’s clear that despite many homebuyers now heading back to the capital.”
Marc von Grundherr
Von Grundherr told Morning Wire this weekend: “It’s also interesting to see areas to the south of the river performing well and it seems that the lack of decent public transport links, often cited as a reason homebuyers want to stay north, is no longer the deterrent it once was.”
“Although again, this is certainly another result of the government’s work from home guidance and we expect the traditionally popular central areas of London to start gaining momentum as normality returns,” he concluded.