South London district hints at long-term gains (D Andrews for Adfero)

Dulwich has been identified as a bright spot in what has otherwise been a relatively bleak London property landscape, according to research by Knight Frank. 

The district was highlighted by the Daily Telegraph as an attractive proposition as a place to live, in addition to its long-term price growth. According to Knight Frank's data, between January 1995 and September 2017 prices there rose by 1,150 per cent, outstripping the fast-emerging east London hotspots like Hackney.

Such long-term success might not be immediately apparent for a few reasons, only one of which is the high profile of east London emanating from the 2012 Olympics and associated efforts at urban renewal. 

Another factor may be the fact that in recent months, Dulwich has suffered like the rest; Knight Frank's Spring 2017 Residential Review has revealed the district endured a 0.5 per cent dip in prices over the last three months and a 1.5 per cent drop on an annual basis. 

These figures are not unusual, of course. The review showed that only a handful of places, such as Wimbledon and Queen's Park, have seen price growth in the last 12 month, while many have witness larger declines than Dulwich.  

Indeed, this is backed up by the latest Hometrack figures for prices in cities, which, like so many other recent surveys, has placed London at the wrong end of the table.

These showed London third bottom with growth of 0.8 per cent, compared with a national average increase of 4.9 per cent. Cambridge was the one English city to do worse at just 0.1 per cent growth, while Aberdeen prices plunged by 7.2 per cent as the Granite City continued to suffer from the oil price slump.

At the other end of the scale, Manchester tops the growth list at 7.7 per cent, followed by Leicester on 7.4 per cent.

As ever, the question arises over whether London is simply suffering from the uncertainty over its future as a major global centre of trade and finance as Brexit approaches. In time, the picture will become clearer and that may be when the best long-term investments start to bear fruit.