Home values increase by 140% from 1997
Property prices in Wimbledon have outperformed those in prime central London since 1997, according to new research.
Properties in central London have increased in value by approximately 130% between 1997 and the end of 2009, whereas properties in Wimbledon increased by 140%.
Research by Douglas & Gordon estate agency showed that prices across what they termed "Prime South West London", including Wimbledon, actually increased by 150% in the same period, with the gap narrowing in 2010.
Michael Hodgson, chief executive of Douglas & Gordon, said: "Prime central London, with its glitzy international image, tends to hog the limelight in commentaries about the London residential property market.
"Everyone knows that Chelsea, Kensington, Belgravia, Knightsbridge and Mayfair have become honey pots that attract the rich and famous from around the world. As a consequence, values in prime central London have grown impressively over the last ten to fifteen years."
“However, in the same period many domestic vendors have sold their properties in prime central London and have either downsized, or bought more property for their money in neighbouring areas. This has lifted the prestige of areas in South West London such as Fulham, Clapham, Battersea, Wandsworth and Wimbledon, which are now the locations of choice for senior and middle management. This market is now the pinnacle of the UK housing market."
Mark Barnett, director of the Chesterton Humberts Wimbledon office, added: "The Chesterton Humberts Wimbledon office has noted a 140% price increase on properties in the area from 1997 to the end of 2009.
"Though Wimbledon has always been an internationally recognized and generally popular area for property due to the tennis, over the last decade its attractiveness has increased, particularly with buyers moving out of central London to get more space and value for their money and those moving to the capital from the countryside. Such buyers now make up 50% of all sales.
“Wimbledon provides a village-like lifestyle and setting, along with reasonably priced properties and good transport links to the centre, which attracts growing young families, first time buyers and city boys.
"A lot of developers are taking note of the area and swanky new developments, such as Southside in the village, overlooking the Common, have pushed achieved prices through the roof, reaching up to record prices of £1,400 per square foot. We expect prices relative to other London areas to increase in Wimbledon over the next year."
August 2, 2010