Key facts
- Wimbledon's property market has seen a 12% decrease in house prices over the last year.
- This makes Wimbledon the only Grand Slam location to experience a fall in property prices.
- Melbourne, Australia, had the strongest house price growth among Grand Slam locations, rising 18.3%.
- Paris and New York saw property price increases of 7.1% and 3.8% respectively.
- The average house price in Merton, London, fell by 3.5% in April.
Wimbledon's property market has experienced a significant downturn, with house prices falling by nearly 12% over the past year, according to research by Benham and Reeves. This performance makes it the weakest among the housing markets associated with the four Grand Slam tennis tournaments. In contrast, Melbourne, Australia, saw the strongest growth, with an 18.3% increase in property values, while Paris and New York recorded gains of 7.1% and 3.8% respectively.
Marc von Grundherr, director of Benham and Reeves, noted that prime markets can be sensitive to buyer sentiment and economic conditions. He suggested that Wimbledon's current market offers a potential entry point before momentum returns. The broader London market is also facing challenges, with luxury property sales down 37% year-on-year and prices in wealthier areas experiencing a notable slump.
The average house price in Merton, the borough containing Wimbledon, fell by 3.5% in April, a steeper decline than the city-wide average. This trend is partly attributed to tax policies and stamp duty impacting wealthier individuals in the capital.