New research by online estate agents eMoov.co.uk ranks London boroughs by the combined value of their residential property assets and it is Croydon which comes out on top.
Kensington and Chelsea is traditionally crowned the most expensive area in London, but it is, in fact, Croydon that is home to the highest property wealth in the capital with over £77.2 billion in property across the borough.
Property in Croydon goes for £2,150 a square metre and the combined area of residential property and gardens across the borough is 35,920,000 square metres. When multiplying the total residential area by the price per a square foot, Croydon is the leader by far, nearly £20 billion more than second place Richmond upon Thames (£58.7bn+). Barnet (£49.5bn+), Bromley (£43.5bn+) and Westminster (£42.2bn+) complete the top five.
Founder and CEO of eMoov.co.uk, Russell Quirk, said:
“Kensington and Chelsea certainly rules the roost where the premium price tag and cost to individual home buyers are concerned, but as this research shows, it isn’t the wealthiest in terms of the sheer quantity of the property assets located across the borough.
“When taking into account the size of each borough’s property portfolio it provides an alternative look at which parts of London are home to the greatest accumulation of property wealth.
“Of course, the outer boroughs of London dominate as these are the locations that allow a larger ground area to be allotted to a residential purpose, but it is the recent trend of homeowners forsaking the city and looking to these more affordable outer boroughs that has seen prices increase there, and in turn, push them up these rankings.”
See the ranking in full below.