Keeping up with the posh neighbourhoods next door

Dulwich is another much coveted area with a price premium. Neighbouring Crystal Palace has lovely green spaces, an amazing view over the city and a village feel – and with period homes around 25 per cent cheaper.

Winkworth’s Chief Executive Dominic Agace says new desirable areas are created all the time. He told Winkworth’s Property Exchange podcast: “Up and coming areas are always defined by proximity to established areas. Priced out Notting Hillbillies moved to Queen’s Park and Kensal Rise. An area on the rise will have lovely architecture, independent businesses such as a butcher, artisan baker and interesting retailers such as vintage shops. All give joy on a daily basis."

He added, "Home buyers are feeling upbeat. We are seeing registrations 29 per cent ahead of last year and an uplift in instruction of 40 per cent ahead of last year."

Rob Oatley, of Winkworth’s Pimlico office, said: “Pimlico often gets overlooked next to its neighbours Belgravia and Mayfair. Yet prices are 50 per cent lower than Belgravia and it’s five minutes down the road. Like Belgravia, Pimlico has fabulous architecture designed by Thomas Cubitt, who was commissioned in 1825 by Lord Grosvenor. Cubitt created a grid of handsome white stucco houses, terraces and lovely garden squares. It is often referred to as “Little Belgravia."

 “Warwick Square is one of the grandest with an award-winning garden for residents. St George”s Square is also very attractive and its gardens are open to the public. There is a Daylesford Organic in Pimlico Road, good shops and restaurants and with Pimlico and Victoria stations nearby.”
 
A two bedroom flat in a smart road in Pimlico would cost around £700,000, with a family house around £2.5m and larger houses up to £7m – 50 per cent lower in price compared to Belgravia.
 
Over in South-east London, Crystal Palace, once the Cinderella to neighbouring Dulwich, has better transport links than Dulwich, bringing a new generation of residents to the area.
 
Jake Woolford, of Winkworth’s Crystal Palace office, told the podcast: “Prices in Crystal Palace have increased by 21 per cent in the past five years, compared to Dulwich, which has seen price increases of eight per cent. The Ginger Line (Overground) has brought the creatives from places like Shoreditch – people working in tech and graphic design – and they made Crystal Palace their home.
 
“Transport links are great. You’re never more than 10 mins from a station and 20 mins to the centre of London. There is an area known as The Triangle, which is full of independent traders, with antique dealers and all kinds of quirky shops. A fishmonger opened up last year. It just has a great atmosphere.”
 
A two bed converted flat will cost around £400,000, a two bedroom garden flat  from £650,000 – which is 25 per cent lower than Dulwich. Big family Victorian detached homes are around  £2.5m, £1m lower than Dulwich, with  semis around £1.5m, around £750,000 lower than a comparable property in Dulwich.