London: Property prices in Balham outpaced the rest of London in 2014 with 21% annual growth, according to estate agent Marsh & Parsons’ latest London Property Monitor.
The average Prime London home has risen in value by £95,000 in the past twelve months – however house prices in cheaper Balham have jumped £152,000 over the same period.
With property prices in Outer Prime areas of the capital typically 25% lower than the wider Prime London average, stronger demand for more affordable homes has pushed the rate of house price inflation up in suburban ‘villages’. House prices in Outer Prime London climbed 9% during 2014, compared to a 4.3% annual increase in Prime Central areas.
Favoured by first-time buyers and young families, Balham witnessed the steepest annual growth during 2014 – closely followed by leafy Brook Green where property values are now 19% higher than a year ago. In contrast, average prices in exclusive Prime Central enclaves of Kensington and Holland Park have grown 8% in the past twelve months.
“The prestigious prime property bastions of Kensington, Chelsea and Holland Park will always command worldwide appeal from buyers – however everyday demand for more affordable homes has catapulted Balham and other Outer Prime corners of the capital onto the map. Londoners are increasingly willing to compromise on a central location in return for more living space and manageable price tags, and as a result the price growth seen in green ‘village’ suburbs has overtaken the Goliaths of London property this year,” Peter Rollings, CEO of Marsh & Parsons, said.