Croydon crowned ‘London’s wealthiest borough’ for residential land

Ranked: The total value of domestic homes and gardens in London, borough-by-borough

The “wealthiest” London borough in residential real estate terms is not, as might be expected, Westminster or Kensington & Chelsea… It’s Croydon. According to some sums by online estate agency eMoov, at least.

The firm totted up the total surface area (in square  metres) of each London borough accounted for by domestic residential property and gardens, and the cost of property per square metre. Land usage stats come from The London Datastore, while PSM values have been sourced from London.Gov’s The Economic Evidence Base for London 2016.

There are, of course, some issues with this methodology; not counting more than one floor per property for one.

Anyway. Using these workings, the average price per square metre across London is £2,401, with the average “domestic residential surface area” across all boroughs reaching 16,229,094 square metres. This puts the average value of resi property wealth per boroughs at c.£28.3bn. At over £41.3bn, the total value of residential property in RBKC is substantially higher than the average across London, but places only sixth in the rankings.

Croydon emerges as having “the highest property wealth in the capital” with over £77.2bn across the borough. Property in Croydon goes for £2,150 a square metre and there’s a combined area of residential property and gardens of 35,920,000 square metres. Multiplying those two numbers together gives eMoov’s headline numbers, putting Croydon more than £20bn ahead of second-ranked Richmond-upon-Thames

Local Authority Name Total Area of Residential Buildings & Gardens (m2) Price per m2 (£) Total Value of Residential Property
Croydon 35,920,000 £2,150 £77,228,000,000
Richmond upon Thames 15,456,000 £3,800 £58,732,800,000
Barnet 31,546,000 £1,570 £49,527,220,000
Bromley 43,109,000 £1,010 £43,540,090,000
Westminster 4,525,000 £9,330 £42,218,250,000
Kensington and Chelsea 4,535,000 £9,110 £41,313,850,000
Greenwich 15,202,000 £2,440 £37,092,880,000
Enfield 23,782,000 £1,550 £36,862,100,000
Southwark 8,402,000 £4,110 £34,532,220,000
Kingston upon Thames 14,862,000 £2,280 £33,885,360,000
Harrow 22,192,000 £1,480 £32,844,160,000
Hillingdon 27,223,000 £1,160 £31,578,680,000
Hammersmith and Fulham 5,518,000 £5,680 £31,342,240,000
Wandsworth 12,146,000 £2,450 £29,757,700,000
Lambeth 11,171,000 £2,540 £28,374,340,000
Sutton 19,254,000 £1,460 £28,110,840,000
Islington 5,185,000 £5,200 £26,962,000,000
Ealing 19,737,000 £1,280 £25,263,360,000
Lewisham 15,489,000 £1,480 £22,923,720,000
Camden 6,834,000 £3,330 £22,757,220,000
Merton 13,960,000 £1,600 £22,336,000,000
Havering 27,649,000 £730 £20,183,770,000
Redbridge 20,713,000 £890 £18,434,570,000
Bexley 22,897,000 £750 £17,172,750,000
Brent 18,160,000 £800 £14,528,000,000
Hounslow 16,405,000 £880 £14,436,400,000
Waltham Forest 13,849,000 £935 £12,948,815,000
Haringey 12,082,000 £1,040 £12,565,280,000
Hackney 6,045,000 £2,070 £12,513,150,000
Newham 10,326,000 £1,020 £10,532,520,000
Barking and Dagenham 11,501,000 £800 £9,200,800,000
Tower Hamlets 3,656,000 £1,900 £6,946,400,000
London (Average) 16,229,094 £2,401 £28,332,671,406

Land use in London, 2015

Source: Economic Evidence Base for London 2016

For comparison, the value of the capital’s non-domestic property assets yield a different ranking – topped by Westminster.

London Borough Area of Non Domestic Buildings (m2) Price per m2 Total Value of Commercial Property
Westminster 3,839,000 £620 £2,380,180,000
Southwark 2,849,000 £740 £2,108,260,000
Hillingdon 4,009,000 £490 £1,964,410,000
Brent 2,973,000 £620 £1,843,260,000
Ealing 3,513,000 £490 £1,721,370,000
Croydon 2,734,000 £620 £1,695,080,000
Camden 2,588,000 £620 £1,604,560,000
Bromley 2,444,000 £620 £1,515,280,000
Hounslow 3,021,000 £490 £1,480,290,000
Wandsworth 2,360,000 £620 £1,463,200,000
Islington 1,965,000 £740 £1,454,100,000
Lambeth 2,225,000 £620 £1,379,500,000
Merton 1,806,000 £620 £1,119,720,000
Hammersmith and Fulham 1,747,000 £620 £1,083,140,000
Enfield 2,850,000 £370 £1,054,500,000
Kensington and Chelsea 1,385,000 £740 £1,024,900,000
Sutton 1,561,000 £620 £967,820,000
Barnet 2,497,000 £370 £923,890,000
Harrow 1,381,000 £620 £856,220,000
Kingston upon Thames 1,357,000 £620 £841,340,000
Richmond upon Thames 1,559,000 £490 £763,910,000
Tower Hamlets 2,800,000 £250 £700,000,000
Haringey 1,805,000 £370 £667,850,000
Newham 2,604,000 £250 £651,000,000
Greenwich 2,422,000 £250 £605,500,000
Bexley 2,412,000 £250 £603,000,000
Barking and Dagenham 2,195,000 £250 £548,750,000
Havering 2,122,000 £250 £530,500,000
Hackney 1,860,000 £250 £465,000,000
Lewisham 1,763,000 £250 £440,750,000
Waltham Forest 1,763,000 £250 £440,750,000
Redbridge 1,637,000 £250 £409,250,000
London (Average) 2,313,938 476

Founder and CEO of eMoov.co.uk, Russell Quirk: “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 inner city and looking to these more affordable outer boroughs that have seen prices increase there, and in turn, push them up these rankings.”