More than £17billion in new mortgages was borrowed last year by buyers and investors looking to secure property in affluent parts of London, like Wimbledon.
Almost all of the top 20 areas for new mortgage lending are in parts of the capital, with Wandsworth coming out on top, followed by Wimbledon. The findings, released by Lendy, show that London is still considered a ‘safe haven’ for property investment.
A total of £408million in new mortgages was taken out during 2016 by people to buy property in Wimbledon, an area of enduring popularity for those in search of green space, good schools, fast transport links, and attractive residences.
In 2016, there was more lending for buyers and investors in Wimbledon than in the whole of Newcastle.
Wandsworth topped the table, with £472million of new lending in 2016. Meanwhile Maidenhead saw the highest degree of new mortgage lending outside of London.
High levels of mortgage lending are largely down to the fact that desirable parts of the capital, like Wandsworth and Wimbledon, have seen property prices rise considerably.
Co-Founder of Lendy, Liam Brooke, said: “Lenders have continued to pile into the owner-occupier market, and South London is still their favourite place to lend.”
He continued: “House prices in areas like Wimbledon and Wandsworth have continued to climb sharply, even through Brexit. Lenders view them as a safe bet, and continue to commit billions of pounds in new lending to them.”
Despite uncertainty caused by Brexit, Wimbledon in particular remains in a bubble, seemingly unaffected by the vagaries of the property market.
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