A South London neighbourhood sandwiched between some of the city’s most sought-after places to live offers the perfect compromise according to an estate agent. MyLondon recently revealed that in 2023, house prices in Merton fell by 5.8%, the biggest decrease of any borough in London, according to data provided by RightMove.
The borough, like most others in the city, is one of contrast. Areas of relative deprivation such as parts of Mitcham – an average home here cost £455,217 in the past 12 months – are just down the road from pricey property hotspots like Wimbledon – homes here sold for an average of £795,536 in the same period. But there’s a neighbourhood that sits somewhere in the middle, between the desirable locations of Tooting and Wimbledon but with property prices that won’t make your brow sweaty.
Daniel Jumeau, a lettings negotiator from Samuel Estates in Colliers Wood, praised the area’s convenient location and affordability: “Colliers Wood is still one of the most affordable areas on the Northern Line as you follow down from Clapham and Balham to Colliers Wood…Balham and Clapham are just extortionately expensive at the moment but Colliers Wood is one of those areas where you can still rent on the Northern line or buy on the Northern line.
READ MORE: Map shows where house prices in London fell and rose in 2023
“It’s a real mixed bag of people. There are a lot of families but we are now starting to experience a growing number of young professionals because they are being priced out of the other areas. You’ve got Wimbledon on your left, Tooting on your right, so you are kind of nestled in those really nice popular surrounding areas. So, in terms of prices, when I say people are being priced out of Clapham and Balham and Tooting, they are going down to Colliers Wood.”
Overall, sold prices in Colliers Wood over the last year were 2% up on the previous year according to RightMove so it bucked the borough’s trend, however they’re still much more affordable than its neighbours, so perhaps now is the time to cash in if you can.
Merton’s overall house price slump in 2023 is partly down to its most famous neighbourhood. Wimbledon saw prices drop 3% over the course of the year – potentially a symptom of the cost of living crisis and people feeling priced out of the area. But there’s hardly a property crisis going on in the town. Dominic Pasqua, the Office Head in Wimbledon for estate agency Fuller Gilbert & Co, said that Wimbledon remains a highly valued place for prospective house buyers because of its schools and ease of access to major roads. In particular Wimbledon Village remains hugely popular.
He explained: “The house market in Wimbledon is very active. There’s a lot of buyers registering in most price ranges. It’s such a nice place to live. The village is always popular, it’s very expensive here, it’s probably the most expensive part of the borough but it is just considered a highly desirable place to live.
“It’s affordable family housing for people and the reason why it’s so popular is its communication into Central London both from Wimbledon Station and Raynes Park Station. We’re not a million miles away from the A3 with its connection to the M25, so getting out of Wimbledon is very easy, getting to airports is very easy and, possibly the most important, the schooling in Wimbledon is exceptional, in the private and the state sector.”
At this point in 2024, looking back at the preceding 12 months, RightMove says Merton as a whole has an average house price of £685,313. In the whole of 2023 it was £694,521, so it appears after the first quarter of the year, things are still on a downward trend overall – but not in Colliers Wood.
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