Evening Standard: House prices soar 21 per cent in Balham, 'London's new leading property hotspot'
Thu 22 Jan 2015
Balham house prices rocketed by 21 per cent in 2014, adding 152,000 - or 415 a day - to the average property
value in the SW12 area.
Other villages outside the prime centre, such as Brook Green and Battersea, also did well, with big
double-digit rises. In contrast, prices in Kensington and Holland Park climbed eight per cent last year, according
to figures from central London agents Marsh & Parsons.
Peter Rollings, chief executive of Marsh & Parsons, said: The prestigious prime property bastions of Kensington,
Chelsea and Holland Park will always command worldwide appeal from buyers.
However, everyday demand for more affordable homes has catapulted Balham and other outer prime corners of
the capital on to the map. Londoners are increasingly willing to compromise on a central location in return for
more living space and manageable price tags and, as a result, the price growth seen in green village suburbs
has overtaken the Goliaths of London property this year.
Balham, famously lampooned by Peter Sellers as the Gateway to the South, where nothing happens apart from
the changing of traffic lights, has become one of Londons most in-demand districts in recent years.
Professionals unable to afford areas such as Chelsea or Fulham have flocked to neighbourhoods slightly further
out but still well connected to central London and with attractive Victorian or Edwardian housing.
Meanwhile, central Londons once red-hot property market has been blighted by fears over Labours proposed
mansion tax, the steep rises in stamp duty for properties worth more than 1 million, new restrictions on mortgage
lending and the rise in the value of the pound against the euro and other currencies.
Prices dipped 2.1 per cent in central London in the last three months of 2014, the first quarterly drop for more
than three years.
However, Mr Rollings said demand for property had picked up since the New Year and now expected modest
price growth of three to five per cent in 2015.
He said: While we dont expect values to fall any further, price growth is likely to remain stable for the opening
months of the year, but after the general election, activity volumes will be turned up, once political uncertainty is