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London buy to let property investors can bank a saving by just crossing the bridge to the opposite bank of the Thames.
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 which bank can save you money.
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.
North to South
Chelsea to Battersea – £816k saving
Westminster to Lambeth – £666k saving
Fulham to Wandsworth – £432k saving
City of London to Southwark – 367k saving
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
Waterloo to Covent Garden – £239k saving
Dartford to Purfleet – £95k saving
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.’