Wimbledon has once again emerged as the undisputed champion – not just on the court but in the global property arena – according to the latest analysis from Foxtons and its mortgage arm Alexander Hall.
The research compared property markets surrounding the world’s four Grand Slam tennis venues – Wimbledon (UK), Flushing Meadows (US), Paris’s 16th arrondissement (France) and Melbourne Park (Australia).
And it found that SW19 not only boasts the highest house prices but has also seen the strongest improvement in mortgage affordability over the past year.
The average property price in the Wimbledon postcode now stands at £852,958, making it the most expensive of the four Grand Slam locations.
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Paris follows closely with homes in the 16th arrondissement averaging £730,125, while Flushing Meadows in New York registers at £594,513. Melbourne Park remains the most accessible, with an average property value of £284,987.
Despite lower property values, Melbourne’s average monthly mortgage repayments (£3,311) are comparable to Paris (£3,448) and even Wimbledon (£4,030), reflecting higher interest rates in Australia. Flushing Meadows, by contrast, offers the most affordable monthly repayments at just £1,558.
AFFORDABILITY GAINS
The analysis shows that Wimbledon has seen the greatest year-on-year improvement in affordability, with average monthly repayments falling by 10.6%.
Flushing Meadows follows with an 8.3% drop, while Paris posted a more modest 4.3% improvement. Melbourne Park saw a 1% increase in mortgage costs.
Guy Gittins, Chief Executive of Foxtons, says: “Wimbledon remains by far the most prestigious of all four tennis majors when it comes to the local housing market surrounding the iconic sporting venue.
“This status continues to be underpinned by its global recognition, desirable village charm, and long-standing appeal to both domestic and international buyers.”
MORTGAGE IMPROVEMENTS
And Stephanie Daley, Director of Partnerships at Alexander Hall, adds: “Whilst Wimbledon continues to boast the highest property values of all four tennis major locations, buyers with ambitions of living a stone’s throw from the iconic sporting venue will be glad to know that the area has seen a considerable improvement when it comes to the monthly cost of a mortgage.
“This, of course, highlights the wider improvements that have been seen across the UK mortgage landscape in the last year, with falling rates playing a significant role in improving buyer affordability.
“So whilst securing a foothold in one of London’s most iconic locations doesn’t come cheap, the cost of borrowing in order to buy has certainly become more affordable.”
