A real estate agency has revealed which London boroughs have been the busiest in terms of the number of homes sold as a percentage of all private accommodation in each borough.
Over the past 12 months, there have been 94,483 residential sales in London according to Benham and Reeves.
Measured against a total private housing stock of 2.8million homes, this represents 3.3% of all London homes that have changed ownership in the past year.
On a borough-by-borough level, London’s most active housing market is Havering: it has a total private housing stock of 88,998 and has generated 4,150 sales in the past year. This means that 4,663 homes out of 100,000, or 4.7% of the entire stock, have been sold.
In second place, Bromley recorded a transaction rate of 4,484 per 100,000 homes, which means that 4.5% of the stock has been sold in the last 12 months. Next come Wandsworth (4.3%), Richmond-upon-Thames (4.2%) and Lambeth (4.1%).
By contrast, London’s quietest housing market is in the City of London. Only 1.9% of houses in the borough changed hands this year.
Westminster and Brent also had very quiet housing markets. In both cases, only 2.1% of the housing stock has been sold in the past year, followed closely by Newham (2.3%) and Kensington & Chelsea (2.4%).
Benham and Reeves director Marc von Grundherr comments: “It is clear from our research that despite many buyers returning to the capital, it is the outlying boroughs with larger homes that continue to be the most popular.
“It is also interesting to see areas south of the river performing well and it seems the lack of decent public transport links, often cited as a reason buyers want to stay north, is no longer the deterrent that it once was.
“Although again this is certainly another result of the government’s work from home guidance and we expect the traditionally popular central areas of London to start to pick up magnitude as normality returns.”