The most affordable south west London boroughs have seen the biggest increase in house prices over the last decade.
In 2014, the most affordable boroughs in south west London were Sutton, Hounslow, Merton, Croydon and Kingston, according to HM Land Registry.
However, out of the 11 boroughs in south west London, these five most affordable boroughs have seen their average house prices skyrocket by more than 25%.
It is clear that this dramatic increase in house prices in traditionally more affordable areas has resulted in an increase in private renting, and a decrease in the percentage of home ownership.
Portia Msimang, who is the project co-ordinator for Renters’ Rights London, said: “There’s a very strong link between the unfettered market in private rents and the high cost of buying a home.
“Excessively high housing costs have a corrosive effect on the lives and relationships of everyone who must pay them.”
From 2011 to 2021, Kingston, one of the cheapest boroughs a decade ago, saw the biggest increase in renting in south west London, emphasising the impact high house prices has had on the general public.
Lizzie Jones, a recent graduate who has just moved to south west London for work, said: “I had no clue just how crazy the cost of rent or house prices are here.
“It was so stressful trying to find a flat which ticked all the boxes, especially because they get snapped up so quickly. It was a constant race for months.”
The borough which has seen the largest leap in average house prices from 2014 to 2024 is Sutton, closely followed by Croydon.
Based on the 2024 HM Land Registry, Sutton’s house prices have jumped by a staggering 45.25% increase.
To put this into perspective, Kensington & Chelsea, which is still by far the most expensive south west London borough, has seen a decrease in average house prices from 2014 by 13.4%.
While they still remain some of the most affordable places to buy a home, the dramatic price increase in these boroughs begs the question whether the classically cheaper south west London boroughs have now become unattainable?
Not only has Sutton seen the biggest increase in house prices across south west London, this has resulted in the biggest decrease of home ownership from 2011 to 2021 by nearly 5%.
The south west London borough which has had the biggest increase in private renting is Hounslow, with an increase of 4.3%.
While the affordable south west London boroughs have become increasingly expensive to buy in the past ten years, they remain some of the cheapest to rent, according to Zoopla.
The cheapest borough to rent property is Croydon, closely followed by Sutton, where renters on average pay around £18,500 a year.
The five cheapest boroughs in south west London whose house prices have increased the most have also seen some of the largest decreases in home ownership, with noticeable increases in those renting privately.
Simultaneously, while there has been a note-worthy house price increase across the affordable boroughs in south west London, rent prices are high.
So high, in fact, that someone who works full time on the London Living Wage would not be able to afford the average rent in five out of the 11 south west London boroughs.
The average monthly wage for someone working full time on the London Living Wage is £2,160.62.
This means that a worker on the London Living Wage would not be able to pay the average rent in Kensington & Chelsea, Westminster, Lambeth, Wandsworth, and Hammersmith & Fulham.
Msimang said: “It’s really very grim. It’s impossible for anyone on a modest income to meet the asking prices.
“The Dickensian conditions of 21st century Londoners’ lives deny us our human right to an adequate standard of living.”
In contrast to this, Richmond has the highest percentage of home ownership in south west London despite being the fourth most expensive borough to buy a property.
Ruth Williams, who has lived in her family’s home in Richmond all her life, said: “Maybe it’s the tourism that has made more people want to move here.
“I’d say it’s nigh on impossible to buy here unless you wanted a small flat but even that’s so expensive.”
So what is the reason behind this increased desirability to live in south west London?
Kirk Smith, who is the director of the estate agent’s Jacksons Wandsworth office, said: “South west London is more popular than ever, with its vibrant communities, great amenities and fantastic transport links.
“While property prices have risen in traditionally more affordable areas like Wandsworth, this shows just how desirable the neighbourhood has become.”
Image Credit – Christie Vasile on Unsplash
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