Local market report and housing update
Winter 2022/23
Snapshot & Location
One of London’s ‘inner borough’s’, Wandsworth has become a much sought-after place to live. It is a fairly affluent and mostly residential area with some of London’s finest open spaces including Battersea Park, Clapham Common and Tooting Bec Common. The main centres of Wandsworth borough include Battersea, Earlsfield, Southfields, Putney, Tooting, Balham, Clapham Junction, and of course Wandsworth Town itself.
Location Map
Local demographics & economic trends
The population of the Borough of Wandsworth is currently estimated to be 335,886, increasing a hefty 9.4% over the last decade, equating to an additional 29,000 people over ten years and reflecting just how popular the borough has been to live in, over just the last decade. Looking ahead, the pace of population growth will slow, rising by around 3.4% to 347,397 by 2032, or an additional 11,500 people.
The employment rate in Wandsworth is very high at 85.6%, much higher than the national average of 75.5%. Unemployment in Wandsworth averages around 3.5%, again lower than the national average of 3.8% and quite a lot less than the London average of 4.7%. Of those employed, over 65% are employed as managers, directors, senior officials or professional and associate professional occupations. This compares with a London-wide figure of the same occupations as 51%.
Connectivity
The majority of resident commuters use the Underground or train to travel to work (circa 35%) as the area is so well served by several London Underground stations and Tube lines. This includes the Northern Line with five stations (including the new extension and station at Battersea Park), and the District Line with two stations. National Rail services are operated towards London Waterloo and London Victoria via nine stations throughout the borough.
The local Housing Market
Sales Market
Average house prices by property type and location
Wandsworth
Hammersmith and Fulham
Richmond upon Thames
Detached
Semi-detached
Terraced
Flat
Overall Average
£2,022,398
£1,371,220
£960,142
£549,126
£663,273
£1,408,887
£1,317,786
£1,113,860
£642,762
£758,330
£1,722,865
£1,139,936
£903,722
£505,911
£779,850
Source: HM Land Registry (October 2022, latest data)
"Buyer demand in Wandsworth throughout much of the ‘pandemic period’, and certainly during the stamp duty, was strong and sales levels reflected this. In 2021 the total number of sales was 13% above the long-run average, placing upward pressure on prices over that period."
Chart
Chart
Rental Market
The three boroughs that we track across South West London are collectively showing average rents (ONS / VOA, Q1 2022) of £1,963 per calendar month (pcm), with the highest rents of £2,036 in Hammersmith and Fulham followed by Richmond and Wandsworth where rents are both showing around £1,960 pcm. On average, these rents are about 20% above the wider Greater London average of £1,629 pcm and reflects these more centralised and popular locations across South West London.
Wandsworth
All parts of the borough can be described as vibrant and urban interlaced with quiet residential streets, made up of many young and middle-aged professionals and families. The area is known for its many restaurants, bars, boutiques, pubs and other well-known high street cafes and shops. The housing stock is mostly made up of low-density and characterful Victorian, detached, semi-detached and terraced properties.
The borough is well connected with several Underground tube stations via the District or Northern Lines, while also having several national rail stations towards London Waterloo or Victoria.
In terms of industry, there is a wide range of sectors in which those employed in Wandsworth take part. The largest group by quite some way are found in professional, scientific and technical activities at 19%, with health and social work the next highest at 10%, followed by those employed in the information and communication sector (9%). Outside of Kensington and Chelsea, those employed and living in Wandsworth have the highest average annual income of all the London boroughs, averaging £67,775, again reflecting the affluent nature of its residents.
Wandsworth attracts a variety of households, both those looking to base themselves permanently and becoming owner occupiers, but also households at different life stages who may not yet be ready or in a position to own their own home.
Its vibrancy makes it very popular with young people and professional couples and as such there is a high level of private renters. Over 31% of all households in Wandsworth are privately renting, compared with 26% as a London average.
The borough is home to twenty-one Primary and Secondary schools that are rated Ofsted ‘Outstanding’. Location based on nearby top-performing primary and secondary schools is often a very strong factor in deciding where to move and locate, with proximity to the best schools strongly correlated to local average house prices. Research has shown that homes located near top-performing schools can add anywhere from £30,000 - £60,000 to home values. There are also a further 26 independent, faith and preparatory schools, several of which are noted establishments including Eveline Day School, Wandsworth Preparatory School and Hurlingham School.
Average house prices across many of the inner London boroughs over the last two years have not seen the same kind of robust price growth as many other parts of outer London and certainly the rest of the UK. This trend has been seen across many of the more traditionally expensive and less affordable areas of not just London but the country as a whole. The average house price in Wandsworth is currently £663,273, reflecting an annual growth rate of 4.8%. This compares with an annual house price fall of just under 5% across Hammersmith and Fulham, a 5.3% rise in Richmond
upon Thames.
The Local Housing Market
Average house price
Average house price growth
Average rent
(£ per calendar month)
Annual rental growth
Gross Yield
£663,273
4.8%
26%
£2,419
3.9%
Sources: HM Land Registry, REalyse
The timelier data from REalyse and Rightmove shows that towards the end of 2022, asking rents in our more central Wandsworth location to be around £2,419 pcm, reflecting a very strong increase of over 25% in the last 12 months. It must be noted though that during the pandemic and various lockdown restrictions, a lot of the central London private rental market saw a dip in rent rates (particularly in flats) as people moved away from urban locations. This resulted in rents dropping considerably last year. This trend has now all but completely reversed, resulting in a huge jump in average rents over the 12 months period. When compared with average pre-pandemic rates, this shows a more realistic rate of 8% growth since February 2020.
Sources used: Carter Jonas Research, Experian, Google maps, HM Land Registry, Office for National Statistics, REalyse, Rightmove
Notes: REalyse rental data 12-month rolling average
Get in touch
Email me
020 8767 7711
Sales
Isabelle Branson
Email me
020 8682 3121
Lettings
Fiona Bourke
For further information, please get in touch with one of our local experts
£1,108,042
£704,647
£595,324
£447,689
£541,720
Greater London
Buyer demand in Wandsworth throughout much of the ‘pandemic period’, and certainly during the stamp duty, was strong and sales levels reflected this. In 2021 the total number of sales was 13% above the long-run average, placing upward pressure on prices over that period. Since then both demand and sales have moderated, as mortgage rates rose and cost of living pressures intensified during the latter half of 2022. We expect this trend to continue throughout much of 2023, although by the end of the year when mortgage rates are expected to reach a higher degree of stability, we anticipate that buyer demand will gradually return to their long-term averages. Nevertheless, it is still expected that overall housing prices in Wandsworth will decline by around 3.1% next year, with a further decline of around 5% in 2024.
Notes: Rental rates areas: five-mile radius from centre. Projected house price
growth, incomes and demographics data, areas: Respective local authority
2032 forecast
population
(number)
349,397
Ten-year forecast population
(% change)
4%
Proportion of population who are owner occupiers
49%
Proportion of
population who are private renters
31%
Average annual
income
(2022, provisional)
£73,043
Five-year projected house price growth (cumulative)
3.8%
