Wandsworth, an affluent neighborhood in south London, was the city’s busiest borough for home sales over the last year, accounting for 6% of the 48,278 homes that were sold across England’s capital last year, according to a report by Benham and Reeves.
The borough is considered part of the U.K. capital’s “prime fringe,” meaning a luxury housing market at the edge of the city. Marc Von Grundherr, director of Benham and Reeves, said that Wandsworth ranking first was “hardly surprising.”
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“There have been a number of exciting developments within the borough, such as Wandsworth Mills, and we’re also seeing incredibly high demand for rental homes as tenants also look to secure a spot,” he said in a news release.
Bromley, at 5.3% of total sales, and Croydon, at 4.6%, were also included in the most busiest boroughs.
Apartments were the most popular property type, according to data that sourced from the Land Registry, accounting for half of all sales (49%), and were the most popular purchase among buyers across 24 London boroughs.
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Flats dominated in denser parts of the city, accounting for 98.3% of transactions in the City of London, the capital’s primary business district, and above 80% of sales in Westminster, Tower Hamlets and Camden. Apartments are typically more affordable and available in London, Grundherr said.
Terrace homes were popular as well, accounting for 29% of total market activity in 2023, and semi-detached purchases accounted for 16% of sales.
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In contrast to Wandsworth’s popularity, the City of London borough saw the lowest level of market activity, with only 116 transactions accounting for 0.2% of all homes sold in the capital. Newham, Dagenham and Barking also accounted for some of the lowest levels of market activity.
Grundherr said he was hopeful for a market resurgence in 2024. “We expect that not only will market activity build over the course of the year, but house prices will also start to stabilize,” he said.
https://www.mansionglobal.com/articles/south-londons-wandsworth-was-the-citys-busiest-housing-market-last-year-f8dfd5c9
