Wandsworth has seen a modest improvement in housing affordability over the past year, but property ownership in the borough remains well beyond the reach of many local residents – and soaring rents are making it even harder to get on the housing ladder.
According to the latest figures from the Office for National Statistics (ONS), the median house price in Wandsworth fell slightly in 2024, bringing the affordability ratio – the cost of a median-priced home compared to median workplace earnings – down from 16.99 in 2023 to 16.25 in 2024. While this marks the lowest level since 2019, it remains more than twice the national average, which stood at 7.54 in 2024.
Wandsworth continues to reflect the wider challenges facing the London housing market. Average house prices in nearby boroughs show both higher and lower trends. Richmond upon Thames had the highest local average at around £764,800, closely followed by Hammersmith and Fulham at £753,000. Wandsworth’s average house price stood at £696,000 — significantly higher than Merton at £579,700 and Lambeth at £561,500. Nationally, the average house price was £290,564 at the end of 2024.
Double the UK average
For first-time buyers in Wandsworth, the average purchase price was £594,000 as of January 2025. That’s over double the UK average, and around £33,000 more than what a typical first-time buyer paid in Lambeth.
Even as house prices have cooled – except in Putney – the cost of renting has continued to climb. In February 2025, the average private rent in Wandsworth reached £2,480 per month, a 9.2% increase compared with the previous year. This places the borough among the most expensive for renters outside central London.
While affordability has technically improved, the reality is that home ownership remains far out of reach for many. With rents rising faster than wages, saving for a deposit is becoming increasingly difficult, particularly for younger people, key workers, and families already struggling with the high cost of living.
Wandsworth’s 2024 affordability ratio of 16.25 is not only double the UK average but also significantly higher than in any region outside the capital. The borough may no longer be the very worst for affordability, but the data shows that for many residents, the dream of owning a home in Wandsworth remains just that.
