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From The Sunday Times

February 17, 2008

The 10 best places to buy a property in London

Our correspondent identifies the ten boroughs in the capital where property prices are most recession proof

Emma Wells

Click here to see the 10 most recession-proof boroughs in London

Richmond upon Thames, in the southwest of the capital, tops the list of the 10 most recession-proof boroughs in London, followed closely by its neighbour, Kingston upon Thames, according to the estate agency Knight Frank.

Its research takes into account factors such as the affordability of housing, wage and unemployment levels, population growth and the qualifications of the locals.

Surprisingly, perhaps, eight of the 10 – with the exception of Kensington and Chelsea (placed fourth) and Ealing (seventh) – are south of the river. “People are keen to live in these areas,” says Liam Bailey, head of research for Knight Frank. “This reflects the weight of demand, as well as population growth and earnings.”

The prominence of Wandsworth (number five) reflects the area’s appeal for affluent people moving out of central London, Bailey says. Bromley owes its position at number three in part to the large amounts of brownfield land and development opportunities, while Lambeth, at number eight, is an area that may not be prosperous, but scores well on employment.

Not surprisingly, average prices are highest in Kensington and Chelsea, at £774,361. They are a far more affordable £282,045 in ninth-placed Greenwich, and £232,242 in Bexley, ranked 10th.

You should not, however, confine your search to the top 10, Bailey advises. Across the capital, there are plenty of emerging areas set to benefit from infrastructure projects or redevelopment.

In north London, 67 acres to the north of King’s Cross and St Pancras are benefiting from an extensive regeneration programme, while development of the Lots Road power station will improve the fortunes of a hitherto less than glitzy part of Chelsea.

Over the river, the South Bank area has been transformed by a stream of residential and mixed-use developments. Elsewhere, Hammersmith, West Hampstead, Twickenham and Kew are among areas undergoing continuous gentrification and improvement.

1 Richmond upon Thames £511,575*
2 Kingston upon Thames £361,496
3 Bromley £343,375
4 Kensington and Chelsea £774,361
5 Wandsworth £482,3373
6 Southwark £367,3066
7 Ealing £364,832
8 Lambeth £382,614
9 Greenwich £282,045
10 Bexley £232,2427

* Average house price Source: Knight Frank

I thought that Richmond was in Surrey, not London.

Bill Peter, Kuala Lumpur, Malaysia

This report must be nonsense. Surely it is the areas around the Olympic site that has experienced and will continue to experience significant price rises for the next 4 years at least.

Also, areas such as Enfield and Hackney where property prices start from a more reasonable base also look attractive.

Sanjay Mazumder, Palmers Green, London, UK

Herne Hill is where its at

Matthew P, London,

Research from an estate agent? That has a huge vested interest in making sure the housing market is ticking over nicely in order to turn a profit?

That's going to be totally impartial. This is journalism at its best.

A. Mug, London,