The Best Places to Live in London 2024
The Best Places to Live in London
London is one of the most iconic cities in the world and has recently been voted the best city in Europe for the second year in a row. It’s no wonder then that it continues to be one of the most popular destinations in the UK to live. However, some areas of London are more popular than others among 2023 movers. Compare My Move has put together a report of the most popular places in London based on which postcodes the most people moved to in 2023, as well as the most popular postcode areas.
What are the Most Popular Postcode Areas in London?
The South East is the most popular postcode area in London for people to move to, with 20.8% of people moving to London moving to a property in the SE postcode, with Bermondsey and the area surrounding the South Bank being the most popular area to move to. The SE postcode, although the most popular postcode area to move to, it’s also the second-cheapest area to move to with an average house price of £571,971.
Slightly behind the South East in popularity but with a big jump up in average house prices is the South West. The South West saw 20.7% of Londoners moving there in the last year, just 0.1% behind the South East, however, the average house price in the South West is over £437,000 more expensive than that of the South East.
What are the Most Popular Areas in London?
The E14 postcode is the most popular area to move to in London according to 2023 movers, with 46.6% more people moving to the E14 postcode than the second-place spot of E17. The E14 postcode contains Poplar and the Isle of Dogs, in which you can find Canary Wharf, a hotspot for both residential and leisure. Properties in London have an average price of £730,885, meaning that as popular as E14 is, the postcode is still nearly £175,000 cheaper than the average London property.
The second most popular area to move to in London is Walthamstow, in the E17 postcode. Bordering the north London borough of Tottenham, Walthamstow is a mostly residential area with a good amount of green space and amenities including the Walthamstow Wetlands and Lloyd Park as well as quick access to the overground and Victoria lines. Alongside being the second most popular place for Londoners to move to, Walthamstow also has the cheapest house prices in our top 5, and the second cheapest in the top 10 being over £220,000 cheaper than the average London house price. The rental price per week in Walthamstow is also the cheapest out of the top 20 London areas at £412 per week, £112 cheaper than the Isle of Dogs.
Moving to the South West, the third most popular area to move to in London is Battersea, in the SW11 postcode. Bordering Chelsea and Fulham, the SW11 postcode is the most expensive area to live in, in our top 5, and the second most expensive area in our top 10. Only being beaten by the neighbouring Fulham postcode SW6. The SW11 postcode has quick and easy transport access in Clapham junction and is home to the famous Battersea power station, as well as Battersea Park.
If you’re looking for a cheap area to live in London that’s popular amongst others, then the cheapest area in our top 10 is Bow in the E3 postcode. The E3 postcode was the 9th most popular area to move to last year and has an average asking price of just £429,820, which is over £300,000 cheaper than the average London house price. Bow is also surrounded by green space, with Victoria Park to the north, Mile End Park to the West and The London Stadium to the East.
If you’re looking for something a little cheaper, Plumstead and Woolwich in the SE18 postcode is our 18th most popular place to move in London, and has an average asking price of £426,577, which is £3,243 cheaper than the average asking price in Bow.
What’s in Store For London in 2024?
The UK property market saw the highest mortgage interest rates in 20 years in 2023, with an average high for a 30-year fixed mortgage being 8.45% and a 1.4% average decrease in house prices. However, in 2024 we have seen a UK-wide rise in house prices and a steadier market. We asked Dave Sayce, founder and managing director of Compare My Move how this data may change in 2024, with this steadier market in mind.
“The East and South East of London are likely going to be increasingly popular in 2024, although the mortgage base rate is staying steady so far at 5.25%, it’s still the highest it’s been since the 2008 financial crisis and people looking to move to London may still look at the cheaper areas to minimise the monthly mortgage costs. With inflation slowly dropping back to 2021 levels (currently at 3.8%) there is a hope that the base rate will drop with it in 2024, which will encourage buyers.
Although house prices across the UK have been recovering and seeing monthly rises, London house prices have fallen 4.8% according to a recent report by the Standard. However, this isn’t true for all London boroughs, Southwark house prices only fell by 0.1%, while Greenwich and Hackey house prices rose by 0.9% and 1.3% respectively. This means that buyers looking for a cheaper area to purchase property as the mortgage rates steady will likely look toward these areas to ensure a good investment in a borough that is on the rise.”
