Located between the South London boroughs of Southwark and Lambeth, Waterloo occupies a central position in the capital between the areas of Elephant and Castle, Southwark, and Borough.
In 2021 the average price of property in the Waterloo district was £778,243. This figure was higher than the overall average price across the borough of Southwark, which sat at £678,138. It was also more than £200,000 more expensive than in Newington, which came in as the borough's most affordable area. Conversely, property in Waterloo was generally more affordable than in Dulwich Village, where average property prices sat at £1,570,631.
Flats were the most commonly sold type of property in Waterloo throughout 2021 and they fetched an overall average of £760,130. The area's semi-detached properties sold for £925,000, whereas terraced properties in Waterloo fetched an impressive average of £1,097,917.
Prices in Waterloo fell by 36% from 2020, and are 56% lower than during their 2019 peak when the average price came in at £1,775,546.
What is living in Waterloo like?
Located just one mile to the east of Charing Cross, Waterloo enjoys a central location and forms part of the Waterloo Quarter, a business improvement district that includes the Young Vic theatre, the Old Vic theatre and The Cut. It is this strong cultural heritage that may initially come to mind when thinking about Waterloo given its proximity to the South Bank.
This location means that residents have the pleasure of enjoying an array of restaurants, cafés, theatres, shops and iconic attractions right on their doorstep. The likes of Big Ben, the Imperial War Museum, Southwark Cathedral and the Tate Modern are all within strolling distance. The area is also home to the iconic Southbank Centre and the London Eye, which attracts visitors from around the world. The Southbank Centre Food Market is also a popular spot every Friday, Saturday and Sunday, with traders offering everything from sweet treats to Asian street food, authentic Indian cuisine, freshly pressed juices and elaborate cocktails.
Waterloo Bridge connects Waterloo to the Strand, which sits on the River Thames' north bank and provides residents with the opportunity to easily enjoy the best of what the northern side of the river has to offer.
The nightlife scene in Waterloo is varied, including many riverside bars, pubs and restaurants. There are also a handful of nightclubs in Waterloo and it's easy to reach some of the city's more famous nightlife hotspots via public transport.
While Waterloo isn't the most pet friendly or family friendly districts in London, the area does boast a small handful of decently sized open spaces and parks. Jubilee Park and Garden is immaculately landscaped and includes lawns, mature trees and a children's play area suitable for under 11's. A little further along the river are the Bernie Spain Gardens which are located between Gabriel's Wharf and the Oxo Tower. Stretching across 26,000 square feet, Bernie Spain Gardens are the perfect place to enjoy a picnic or soak in some sunshine during the warmer months. The gardens host numerous events every year, including weekly gardening sessions offering opportunities to meet new people and learn an array of inside and outside gardening tips.
Living in Waterloo pros and cons
Pro: Waterloo clearly benefits from strong transport links
Waterloo Railway station and Waterloo Underground stations are both within Zone 1 and provide easy access to a range of services and destinations. Waterloo is positioned on the Jubilee, Bakerloo, and Northern lines, and the railway station is well served by South West Trains services. Southwark and Lambeth North Underground stations are also accessible.
Numerous bus routes also run through Waterloo, and the area is one of the most accessible for pedestrians with walkways running parallel to the river which offer beautiful views to admire as you stroll.
Con: Within London's ULEZ and congestion zones
Waterloo's central location has some downsides for vehicle owners as it is within both the ULEZ zone and the Congestion Zone. Parking can also be tricky. So if you own a car you want to keep, this may not be the ideal area for you unless you don't mind forking out for the various charges associated with vehicle ownership in this part of London.
Pro: Waterloo boasts a variety of property
From bijou studio flats to expansive warehouse loft conversions and multi-storey terraces, property in the Waterloo area is surprisingly varied. There are certainly more flats than any other type of property, which means that competition for family-sized homes can be quite high.
Is Waterloo a safe place to live?
When looking at crime statistics in the area it is important to note that Waterloo is located in the Bishop's area of Lambeth. Between January 2020 and December 2021 there were 6,478 crimes recorded in the area, which isn't surprising given the high level of tourism.
More than one third of those crimes were categorised as theft, and a further 1,483 incidents were categorised as violent crime. The area also saw 623 drug offences, 536 robberies and 431 public order offences. Crime in the area peaked in July 2021, when more than 400 crimes were reported in a four-week period. However between October 2021 and December 2021, crime fell from 376 reported incidents per month to 247.
In November 2021, there were more than 50 cases of miscellaneous theft, 46 drug offences and 33 cases of assault without injury. The area around Waterloo station was a hotspot for both drug offences and assault without injury, with incidents of assault also occurring in the areas around Westminster Bridge and Bernie Spain Gardens. This Metropolitan Police data illustrates that Waterloo saw 24 crimes per 1,000 residents in November 2021. This is considerably higher than across the borough, where there were nine crimes per 1,000 residents, and across the wider London area where eight crimes per 1,000 residents were recorded.
Which celebrities live in Waterloo?
Despite being home to a plethora of people from different walks of life, Waterloo isn't a notable celebrity hotspot. The legendary actor Colin Baker was born in the area, so it does have at least one claim to fame!
Things to consider when moving to Waterloo
Perhaps unsurprisingly given its central location, Waterloo is particularly popular amongst young professionals who want to keep their commutes to a minimum whilst also enjoying the vibrancy of the capital. This does have an impact on the overall sense of community in the area, and there is ultimately an overarching feeling that many people are just passing through.
As a popular tourist spot, Waterloo's streets can get particularly busy during peak seasons, and this is something to be mindful of if you know you won't be keen on navigating around large groups of visitors when trying to pop into your local café. The area also isn't the best in terms of air quality, as air pollution exceeded World Health Organisation (WHO) guidelines on 20 out of 30 days between early January 2021 and early February 2021.
While Waterloo isn't the most family friendly area within the capital, it does boast a selection of excellent schools within a one mile radius. In addition to numerous independent offerings including the DLD College on Westminster Bridge Road and Westminster School on Little Dean's Yard, there are several notable state schools which have achieved 'Outstanding' Ofsted ratings. These include Oasis Academy South Bank, King's College London Maths School, Notre Dame Roman Catholic Girls' School and Harris Westminster Sixth Form.