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Borough by borough: Wandsworth
The greenest borough in London, Wandsworth is one of three boroughs included in the VNEB regeneration along the Southbank which will create 18,000 new homes and 22,000 new jobs.
The London borough of Wandsworth has 670 hectares of green space made up of commons, parks, cemeteries and allotments and is the greenest borough in London. It is also bordered to the north by the River Thames.
Part of Wandsworth is included in the Vauxhall, Nine Elms and Battersea (VNEB) regeneration. Spanning 195 hectares from Chelsea Bridge in the west, through East Battersea, Nine Elms and Vauxhall up through to Lambeth Bridge on Albert Embankment, the VNEB regeneration zone is the largest in London. It will provide 18,000 new homes, 22,000 jobs, two new schools, 50 acres of public space, street improvements, parkland, a new river walk and two new tube stations on the Northern line. It will also include £45 million improvements to Vauxhall tube station. However, other areas, such as Wandsworth town centre, are also undergoing significant regeneration. Our previous analysis shows that regeneration can boost local property prices by around 4.9% per annum – over and above wider capital growth; we expect VNEB will have a similar impact on the local market.
Average prices in Wandsworth currently stand at around £574,000. This follows a 16% increase over the past year, which is higher than the London uplift of 12%; thus reinforcing our expectations that regeneration is feeding through to price growth.
In line with the regeneration there is a substantial amount of residential development underway in the borough; there are 5,800 units currently under construction. Despite the significant supply, high profile schemes such as One Nine Elms and Battersea Power Station are selling very quickly (the third phase of the power station is reportedly achieving in excess of £1,600 psf.). The underlying demand is reflected in the sales rate, which at 78% of all units under construction sold, is the third highest in Inner London. There are a further 12,498 units with planning permissions, but this is not enough to satisfy demand at around three quarters of expected population growth.
Wandsworth has the second lowest level of unemployment in London, the second lowest crime rate in Inner London and the highest number of outstanding primary schools of any London borough. As a result, it is attractive to families and other non-transitory households, particularly in areas close to the common and has the highest proportion of owner occupied properties in Inner London.