The 10 boroughs that border the north bank of the Thames have an average house price of £647,844, compared to £483,550 in the boroughs along the south bank of the river.
London house prices are significantly higher in the boroughs bordering the north bank of the Thames than the south, research from Benham and Reeves has found.
The 10 boroughs that border the north bank of the Thames have an average house price of £647,844, compared to £483,550 in the boroughs along the south bank of the river.
Marc von Grundherr, director of Benham and Reeves, said: “Much like the close proximity of a good transport link, living in by the Thames and easy access when crossing it, can command a price premium amongst London home buyers.
“However, as is often the case with the London market, a slight compromise on location can save you a lot of money when it comes to buying a house. For the sake of no more than a 20-minute walk from one “side of the Thames to the other, you can save hundreds of thousands of pounds.
“Not only does this demonstrate the diversity of the London market but the importance of doing your research and considering the landscape of the capital when buying whether it be for yourself or as an investment option.”
A 20-minute walk across Albert Bridge Road from Chelsea to Battersea can save homeowners a whopping £816,165 in property prices, the biggest jump across the Thames let alone from north to south.
The same length walk across Lambeth Bridge from Westminster to Lambeth could see homeowners save as much as £666,130 on the average house price.
Heading over the Wandsworth Bridge from Fulham sees the price of property drop by £432,475.
A short walk over London Bridge could save homeowners as much as £366,802 without compromising their central location; Chiswick to Mortlake (£276,525), Pimlico to Vauxhall (£252,505), North Woolwich to Woolwich (£148,323) and Wapping to Bermondsey (£90,902) would also see home buyers save considerably when moving north to south in search of a property.
There are still some pockets north of the Thames that offer a house price saving when compared to the opposite side of the river, although the savings aren’t quite as considerable.
Heading just across Blackfriars Bridge from Newington sees the average house price drop by £445,288.
Despite being home to an average property price tag of £1.2m, opting for Covent Garden over Waterloo would still save home buyers a notable £238,757 in property prices.
Heading over the Dartford Crossing from Purfleet to Dartford would save just under £100,000 in property prices.
Moving from Richmond to Twickenham (£59,049), Rotherhithe to Limehouse (£39,995), Greenwich to Canary Wharf (£32,861), Deptford to the Isle of Dogs (£25,401) and Barnes to Hammersmith (£24,663) would all result in a south to north house price saving.
It’s no surprise that a Thames side home will cost you a premium in property prices, but there’s a number of locations where moving to the other side of the river can save you an average of £250,000.
