Southwark’s priciest and most affordable streets for homebuyers in SE1 over the last five years have just been unveiled, revealing a significant divide in property prices.
The fast sales company Property Solvers tracked average sold price data from the HM Land Registry from 2020 to the present to see where the highest and lowest-priced homes are located across the Southwark SE1 postcode.
The data revealed a wide gap in housing prices, emphasising the stark contrast between the top and bottom ends of the market.
In fact, there was a considerable £8,245,000 difference between the house price average of the most and least expensive streets located in the same SE1 postcode.
SE1 resident Alice Hughes said: “The expensive part of Southwark and the cheap part of Southwark are definitely located very close together.
“My flatmate is the owner of our flat and we live in a rather expensive street, but social housing is right next door to us.”
According to the HM Land Registry data, the most expensive street to live on in SE1, with three houses sold in the last five years, is Upper Ground, where the average house price is £8.5million.
This is followed by Blackfriars Road, averaging £3.96million, and New Globe Walk at £2.1 million.
Nevertheless, on the other end of the market, the least expensive residential street was found to be Long Lane, with three house sales in the last five years and an average price of just £255,000.
Telford House Rockingham Estate and Binnie House Rockingham Estate follow with average house prices of £288,300 and £323,250.
This comes with little surprise, as both of these are ex-council flats.
The graphs below show the full ranking of the most and least expensive streets.
Click here to see where these streets are located on a map and how many properties were sold in these.
Property Solvers co-founder Ruban Selvanayagam said: “Things are starting to improve, but the market is certainly not as buoyant as a few years ago before interest rates started to increase.”
Property Solvers identified location, potential for capital growth, and demographic trends as the key factors influencing property prices.
They also said the most expensive streets generally represent long-term value but that some unexpected areas can see rapid growth.
Moreover, Selvanayagam said that properties in Southwark and SE1 tend to attract families as well as overseas buyers.
Hughes said: “I wouldn’t say there’s much social divide because I wouldn’t say there’s much social community in London in general.
“I think that a sense of community often comes from the local amenities, and because central London is so expensive to live in, this sense of community is probably less accessible for people who, for example, live in social housing.
“To give one example, the coffee shops and bars have gotten so expensive over the past few years, so community in that sense can be quite difficult to become a part of.”
Streets with very few sales were excluded to avoid giving a misleading picture of the overall data.
Selvanayagam said: “To keep the data less skewed, we only ranked the streets that had over three sales.”
In recent years, for example, a property on Upper Ground sold for £11,300,000 and, at the other end of the market, there were properties that sold for under £135,000 on Telford House Rockingham Estate, Rothsay Street and Great Suffolk Street.
It is also worth noting that auction and cash sales are not represented in the data, as the Land Registry data tends to exclude these types of transactions.
Find out more at Property Solvers.
Feature image credit: Photo by Ollie Craig via Pexels
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