The real cost of living in Wimbledon — that is often overlooked
With a new Wimbledon tennis champ soon to be crowned, the eyes of the sporting world are on this up-market south-west enclave.
But it isn’t all just tennis: there’s some serious property to be invested in around here too, and a community that exists year-round beyond the tennis court.
Naturally, it’s an incredibly sought-after area – one that, according to new figures, comes with a hefty price tag, whether you’re looking to rent or buy.
In fact, new data from Rightmove shows that in June 2024, the average cost of a house in Wimbledon was £920,715 – an increase of almost £20,000 from June 2023’s figure (£902,715, or 2%).
Likewise, the five-year change in house prices was a similarly staggering 16%, and the average monthly rental payment now comes in at a whopping £3,228 – an even higher increase (12%) year-over-year from June 2023’s figures.
But, for the everyday person, penthouses overlooking Centre Court or even the famous Wimbledon Village aren’t a tangible reality (though these properties certainly do make for aspirational internet browsing).
Besides all the tennis fanfare, there’s a real story of living in Wimbledon that many – whether a prospective buyer or an innocent aspirational property browser – are unaware of. And that’s the hidden insurance fees.
Naturally, even before the legacy of the legendary tennis tournament even comes into it, there are extra costs that come with living in an expensive area like Wimbledon.
‘Being in such a high-value area does tend to drive up premium costs compared to other parts of London. Insurers factor in the expensive property prices when assessing risk. They also look at crime rates like burglaries, since wealthy neighbourhoods can attract more attention,’ property expert Crystal Olenbush at AustinRealEstate.com tells Metro.co.uk.
‘The tournament itself might play a small role too. During those few weeks, the population swells with visitors. Some insurers see that as introducing more risk that could potentially impact claims. It’s a very short period, but worth pointing out. Of course, many longtime residents love the buzz and activity it brings.’
Elsewhere, as David Joyson, chief customer officer at specialist home insurance provider Homeprotect points out, homeowners in Wimbledon have the chance to utilise their house to make some extra money from punters – potentially through Airbnb.
‘Wimbledon is an affluent area with high property prices – but due to high demand for local accommodation during the Wimbledon tennis fortnight, potential buyers considering the area have a unique opportunity to Airbnb a spare room, or their entire home if they can time it with their own summer holiday,’ David tells Metro.co.uk.
‘Reports have revealed that homeowners have previously charged around £16,000 to rent their houses during the tournament, so there could be serious money to be made.’
However, when it comes to insurance, this comes with its own risks which, as in other areas popular with tourists attending huge sporting events like Wimbledon, homeowners need to be aware of.
‘Homeowners need to be careful not to assume that their standard home insurance policy will cover them if they decide to Airbnb their property or market it as a short-term let – if you decide to change the use of your property in this way, you will need to let your existing home insurance provider know, and you may need separate specialist home insurance.
‘Although some ‘non-standard’ factors – such as renting your home on Airbnb – may mean your insurance cost is higher, it’s really important to accurately include this information when taking out a policy. Failing to disclose your property’s usage could mean that if you needed to make a claim, it might be rejected.’
But there is, of course, always the sense of community that comes with living in Wimbledon – and, if buyers are aware of the costs they could face, that shouldn’t be overlooked.
‘The village atmosphere is lovely, and there are always events or activities going on. Being near the common areas and parks provides a nice escape from the city too. Education and transportation are also strong selling points for families,’ Crystal concludes.
‘Properties do retain value thanks to the steady demand. Wimbledon is a beautiful place to call home. Just go into it with your eyes open about the true costs.’