Croydon Affordability Revealed By Most Expensive Streets Survey

Croydon Affordability Revealed By Most Expensive Streets Survey

It is well known that London prices are higher than the rest of the UK, with just a handful of localised exceptions, but what is sometimes overlooked is the great variation in prices across the capital.

Should you be looking to speak to estate agents in Croydon to look at buying a home in the borough, it is worth noting that the area has been shown to be among the most affordable in the capital.

There are various statistics to show this, but perhaps the most noteworthy is a new study by Halifax showing the streets where it costs the most to buy a home. Perhaps predictably, this was dominated by London, which accounted for 19 of the top 20. The exception was in Ascot.

At the top of the list was Phillimore Gardens in Kensington at an eye-watering £23.8 million, followed by Grosvenor Square in Mayfair at £23.5 million and Ilchester Place near Holland Park at £17.7 million.

What these streets and others high on the list have in common is their location in the west-central part of London, a prime place for the very wealthy to establish their residences in the capital.

Out in the suburbs like Croydon, the situation is somewhat different. The latest Land Registry house price data (for October 2022) shows that while the average for Kensington and Chelsea is £1.36 million and Westminster £967,000, whereas the Croydon average is a more affordable £436,000.

Indeed, Croydon prices were also shown to be lower than many other outer London boroughs, such as Haringey (£625,000), Hounslow (£433,000) and Merton (£587,000).

While the prices in the borough remain above the national average of £316,000, this has to be put in the context of the comparatively low cost of housing in areas fashionably described as ‘left behind’, and in need of ‘levelling up’, such as in the north east of England, where the average in places like Newcastle, Sunderland, Gateshead and County Durham are all below £200,000.