Based just off the meandering banks of the River Thames, Southwark is one of the city’s most iconic spots and has seen many changes over the years.
An important part of inner South London, Southwark is home to The Shard, Borough Market and a host of other famous city attractions; it also offers a broad range of housing options for almost every demographic imaginable.
As a result of its growth and development over the years, Southwark is now incredibly popular among young affluent families, city workers and creative types looking for inspiration.
As a result, the Southwark housing market is booming, with overall sold prices last year 4% up on the previous year and 24% up on the 2014 average of £517,888.
Southwark property prices
Southwark isn’t exactly a shrinking violet of a London Borough. No, in fact, it’s pretty big, and as a result, property prices vary from place to place. But to give you the lowdown on Southwark property costs, here’s a snapshot of the overall averages compared to prominent nearby areas…
According to market research from Rightmove, the vast majority of sales in Southwark during the last 12 months were flats, going for an average of £575,314. Terraced places were flogged for an average of £817,879, with semi-detached properties grabbing around £1,169,898.
Southwark, with an overall average property price tag of £644,185, was more expensive than nearby Lewisham with an average of £447,975, Greenwich which weighs in at £456,329 and Bromley which falls at around the £487,705 mark. The most expensive area within Southwark is Shad Thames with an average of £1,694,616, and the cheapest is Rotherhithe, coming in at a rather reasonable £495,692.
Southwark rental prices
Recent studies show that the rental price range for Southwark is £275 to £1,800 per week, with an average rental value of £635 per week. And, for the sake of clarity and comparison, here’s a breakdown of rental prices according to
Southwark property type…
- Studio: £282 per week
- One-bedroom: £484 per week
- Two-bedroom: £713 per week
- Three-bedroom: £893 per week
- Four-bedroom: £1,260 per week
- Five-bedroom: £1,150 per week
Okay, buying or renting in the Southwark area isn’t exactly bargain basement stuff. But, it is right by the Thames, near the Bermondsey Beer Mile, accessible to the delights of the South Bank and if you’re hungry, you can stuff your face at Borough Market. What more could you possibly want?
Also, the way the Southwark housing market is going, investing here will help you generate a healthy profit – pension fund sorted!
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