House prices a leafy suburb of South London have rocketed by a huge 897% rise over the last 20 years.
Research from estate agent Knight Frank reveals that Dulwich saw the strongest growth in Greater London since 1995 with prices rising on average by 12% annually.
To put that in perspective, over the last decade property prices in London climbed by over 90% in the last decade, according to the Confederation of British Industry (CBI).
It’s not hard to see why Dulwich is an in-demand place to live. It has a village feel with parks, bistros, bars and family-run shops.
It’s now vastly populated by young affluent couples and families.
It only takes 10 minutes to get to London Bridge by train and another nearby station, Peckham Rye, has the London Overground, meaning that the connection to the nearest tube station only takes around 8 minutes. It also has some of the best schools in London dotted around, including the world-famous Dulwich College.
But it is surprising that Dulwich takes the crown for fasting rising prices in London. Price growth there has rocketed over the last 5 years, far outpacing price growth in “Prime” areas like Mayfair.
Dulwich, in Zone 2, is in south east London, an area of London traditionally seen as less desirable than anywhere north of the river.
“Dulwich is also benefiting from a fundamental change taking place in south-east London,” said Tom Bill, head of London Residential Research at Knight Frank.
“The population of London is forecasted to grow by more than 100,000 every year for the next decade and as demand for residential property rises, it is rippling outwards but also gravitating south-east in the search for what has traditionally been a more affordable part of London.”
The key words there are “traditionally more affordable” — rocketing prices like this means areas like Dulwich are fast becoming out of reach for many.
Separate recent research from Knight Frank found London developed 11 new “£1 million neighbourhoods” in the last quarter and mid-priced homes for the middle classes are the fastest growing price bracket.
Prices in Dulwich are only getting higher too. Price growth in Dulwich rose even more significantly over the last three years climbing by 53%. That outperforms the prime central London market between the first quarters of 2012 and 2015.
Bill says: “This wider transformation has been driven by the opening in 2011 of the London Overground, which has accelerated urban renewal and contributed towards double-digit annual price growth in surrounding areas like Crystal Palace, Peckham, and Honour Oak Park.”
Prices in Dulwich work out as £600-£1,200 per square foot.
The report did not give an average price overall price of a home. However, a quick search on property search website Rightmove shows that a one bedroom flat with a garden which is in walking distance of East Dulwich train station is going for nearly half a million pounds:
Other one bedroom flats are still over the £400,000 mark.
To live in the sought-after Dulwich Village, which is one of the more affluent areas and next to Dulwich College, it will set you back over £1 million for a normal family home.