The Thames property hopping price map – where to save an average of £250k by switching banks
THE latest research by independent London estate agent, Benham and Reeves, has looked at how the price of London property differs on each bank of the Thames and highlighted 16 river hops with easily accessible river crossings that can save homeowners when looking to buy.
When it comes to the north-south divide in the capital, the north comes out on top where house prices are concerned, with the 10 boroughs that border the north bank of the Thames home to an average house price of £647,844.
Those looking for a more affordable river view should look south, with boroughs along the south bank of the Thames home to an average house price of £483,550, although this is still some £11,000 more than the London average.
It’s no surprise that a Thames side home will cost you a premium in property prices but Benham and Reeves has highlighted a number of locations where moving to the other side of the river can save you an average of £250,000.
See the full map.
North to South
Chelsea to Battersea – £816k saving
A 20-minute walk across Albert Bridge Road from Chelsea to Battersea can save homeowners a whopping £816,165 in property prices, the biggest jump across the Thames let alone from north to south.
Westminster to Lambeth – £666k saving
The same length walk across Lambeth Bridge from Westminster to Lambeth could see homeowners save as much as £666,130 on the average house price.
Fulham to Wandsworth – £432k saving
Heading over the Wandsworth Bridge from Fulham sees the price of property drop by £432,475.
City of London to Southwark – 367k saving
A short walk over London Bridge could save homeowners as much as £366,802 without compromising their central location;
Chiswick to Mortlake (£276,525), Pimlico to Vauxhall (£252,505), North Woolwich to Woolwich (£148,323) and Wapping to Bermondsey (£90,902) would also see home buyers save considerably when moving north to south in search of a property.
South to North
There are still some pockets north of the Thames that offer a house price saving when compared to the opposite side of the river, although the savings aren’t quite as considerable.
Newington to Blackfriars – £445k saving
Heading just across Blackfriars Bridge from Newington sees the average house price drop by £445,288.
Waterloo to Covent Garden – £239k saving
Despite being home to an average property price tag of £1.2m, opting for Covent Garden over Waterloo would still save home buyers a notable £238,757 in property prices.
Dartford to Purfleet – £95k saving
Heading over the Dartford Crossing from Purfleet to Dartford would save just under £100,000 in property prices.
Moving from Richmond to Twickenham (£59,049), Rotherhithe to Limehouse (£39,995), Greenwich to Canary Wharf (£32,861), Deptford to the Isle of Dogs (£25,401) and Barnes to Hammersmith (£24,663) would all result in a south to north house price saving.
Director of Benham and Reeves, Marc von Grundherr, commented:
“Much like the close proximity of a good transport link, living in by the Thames and easy access when crossing it, can command a price premium amongst London home buyers.
However, as is often the case with the London market, a slight compromise on location can save you a lot of money when it comes to buying a house. For the sake of no more than a 20-minute walk from one side of the Thames to the other, you can save hundreds of thousands of pounds.
Not only does this demonstrate the diversity of the London market but the importance of doing your research and considering the landscape of the capital when buying whether it be for yourself or as an investment option.”