The property market in London is heating up, with certain boroughs experiencing a remarkable surge in interest from prospective homebuyers.
Dulwich, a charming area in south London, has become a magnet for younger buyers eager to own their first homes. According to Foxtons, Dulwich has witnessed a staggering 153% increase in buyer enquiries compared to last year. This area, once overshadowed by hip locales like Shoreditch and Camden, has now claimed the title of the coolest spot to settle down.
Marc von Grundherr, Director of Benham and Reeves, notes, “Dulwich has grown increasingly popular of late, especially amongst younger buyers as the new ‘cool’ place to be.” The appeal was strong enough to attract celebrities like model Rosie Huntington-Whiteley and action star Jason Statham, who have been spotted in Dulwich Village after selling their Malibu home to relocate to Huntington-Whiteley’s homeland.
Alex Vent from Winkworth describes Dulwich as “the Hampstead of the South,” suggesting a comparison to the prestigious Hampstead in North London. This comparison underscores Dulwich’s rising status in the London property scene.
Hampstead – Evergreen Appeal with a Hint of Savings
Hampstead is the second hottest property hotspot, recording a 104% increase in buyer enquiries. This area remains a favorite among celebrities and affluent residents, who are drawn to its large homes and extensive green spaces.
Despite its high status, property values in Hampstead have seen a decrease of about 7% from the previous year. Marc von Grundherr explains, “This ever-lasting appeal does come with a substantial prime London price tag, however, property values in Hampstead have cooled…This has no doubt spurred many buyers to strike while the iron is hot and secure a saving before the market re-finds its feet over the coming year.” The average asking price in Hampstead is still a steep £1,331,399, according to Rightmove, indicating that even with the current discounts, the area remains a premium market.
Hampstead also boasts one of London’s greatest green spaces, Hampstead Heath, recently mentioned by former resident Taylor Swift in her latest album, “The Tortured Poets Department.”
Ilford A Rising Star with Growing Interest
While not as glamorous as Dulwich or Hampstead, Ilford has seen a significant uptick in interest, with enquiries up by 101%. This increase points to Ilford’s growing appeal among a broader range of homebuyers.
Outlook for London’s Property Market
Despite ongoing high mortgage rates, the London property market has had a robust start to the year. Foxtons CEO Guy Gittins remarked, “It’s been an extremely positive start to the year for the London property market and we’ve already seen a notable increase in the number of buyers enquiring across all but a handful of areas.” This enthusiasm suggests a promising outlook for the coming months, typically the busiest season for real estate.