Covid continues to cause central London home seller exodus

The latest research by lettings and estate agent, Benham and Reeves, has revealed which London boroughs are currently ranking as the home selling hotspots of the capital, based on the number of homes listed for sale per square kilometre.

Gov data estimates there are 3,592,322 dwellings across London’s 1,595 km2, meaning there are 2,253 homes for every km2 in the capital. Currently, just 3.3% of this housing stock is listed for sale on the market via the major property selling portals. 

Croydon is home to the highest number of dwellings of all London boroughs with an estimated 161,060 homes, while Bromley is London’s biggest borough covering 150km2.

London's most populated property markets

However, when it comes to the most homes per km2, the most populated London borough from a property standpoint is Kensington and Chelsea. There are 87,726 estimated properties spread across the borough’s 12km2, resulting in as many as 7,081 homes for every km2. 

Islington also ranks as one of the most property heavy London locations, with 6,981 homes per km2, as does Hackney (5,852 per km2), Westminster (5,688 per km2) and Tower Hamlets (5,636 per km2).

But which are seeing the most activity in current market conditions when it comes to properties hitting the market for sale?

Current home selling hotspots

Wandsworth is home to the most current properties for sale, with 6,448 properties currently for sale. Westminster again ranks high with 6,029 homes on the market along with Croydon (5,762), Lambeth (5,348) and Barnet (5,247).

However, when it comes to the most homes for sale in relation to the size of the market, the City of London is the capital’s current home selling hotspot. 

There are currently only 379 homes listed for sale across Square Mile, by far the lowest level of all London boroughs. But with just 6,506 dwellings in the City of London, it means a notable 5.8% of all housing stock is currently on the market.

Westminster, Kensington and Chelsea, Wandsworth and Tower Hamlets are also home to a large proportion of sellers looking to exit, with more than 4% of total housing stock listed for sale. 

Director of Benham and Reeves, Marc von Grundherr, commented:

“The London housing market differs so drastically from one borough to the next, that total housing stock and the number of homes for sale simply doesn’t demonstrate which areas are home to the most housing or currently seeing the most homes hitting the market. 

There’s no doubt that Covid is continuing to hit London’s more central locations, with the City of London seeing nothing short of a homeowner exodus as we continue to be restricted to working from home unless necessary. 

For savvy homebuyers, analysing for sale listings in relation to housing stock gives a far clearer picture of where they might be able to secure a bargain purchase. Reduce stock and high demand will always push up prices as buyers battle to outbid each other. However, in areas where there is a more abundant level of homes available, you’re less likely to pay over the odds to secure one.”