The likes of Chelsea, Kensington, Knightsbridge and Mayfair long seemed untouchable in the London property league tables, but swaths of south-west London are now firmly giving these exclusive postcodes a run for their money.
According to the latest research by estate agents Savills, south-west London property prices are now growing faster than those in prime central London for the first time.
Prime homes in places like Fulham and Wimbledon rose by a record 11.8% last year, more than double the rate of prime central London.
The shift has been attributed to the rapid rise in prices seen in traditional property hotspots like Kensington since the recession which are now starting to stabilise and the growing confidence of British buyers that have traditionally been attracted to south-west London.
Savills also says that these areas are becoming more popular with foreign buyers that had traditionally shied away from Zone 2 and Zone 3 properties. The property price rise is not thought to be linked to the government’s Help to Buy scheme
Lucian Cook, head of research at Savills, said: “This is a cash-driven phenomenon and completely unrelated to Help to Buy. It provides no evidence of a credit-fuelled boom in the wider market.”
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