Buyers can save an average of £250k by crossing over the River Thames
Wave hello to a more affordable home, without compromising on location, location, location
There’s often a big gap between the property we want to buy and the property we can afford to buy.
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But now new research has revealed a way to literally bridge this gulf, and all it involves is a hop and skip over opposite banks of the River Thames.
Image credit: VictorHuang/Getty Images
The analysis from independent London estate agent, Benham and Reeves, highlighted 16 river hops in London with accessible crossings that could save those hoping to get a foothold on the housing ladder hundreds of thousands of pounds.
The biggest saving of a whopping £816,165 was made by taking a 20-minute walk across Albert Bridge Road from Chelsea to Battersea.
The research also revealed that a number of other huge property gains could be made by making similar moves from north to south of the river within the capital.
Image credit: Dominic Blackmore
And the top 10 was completed as follows:
Location 1 Average Price Location 2 Average Price Saving
Westminster ￡1,636,949 Lambeth ￡970,819 ￡666,130
Fulham ￡1,135,111 Wandsworth ￡702,636 £432,475
City of London ￡868,258 Southwark ￡501,456 £366,802
Chiswick ￡1,088,751 Mortlake £812,226 ￡276,525
Pimlico ￡1,231,143 Vauxhall ￡978,642 ￡252,501
North Woolwich￡494,800 Woolwich ￡346,477 ￡148,323
Wapping ￡687,400 Bermondsey £596,498 ￡90,902
Blackfriars ￡865,000 Newington ￡1,310,288 ￡445,288
Covent Garden ￡1,200,000 Waterloo ￡1,438,757 ￡238,757
Image credit: Dominic Blackmore
Commenting, Director of Benham and Reeves, Marc von Grundherr, said:
‘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.’
Further findings revealed that the cheapest borough for average asking prices north of the river was Barking and Dagenham (£299,399), while the cheapest south of the river was Bexley (￡341,060).
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Would you consider moving to one of the areas listed above?
