Residents of London's mini Korea say the area is "buzzing" with amazing schools – but they warn house prices have gone crazy in recent years and that the South London suburb would be much better if it had a Tube station.

New Malden is known as London's Koreatown as it's home to the largest population of Koreans in Europe, most of whom are South Koreans. Koreans were originally drawn to the area around the 1970s after the South Korean embassy moved nearby, along with Samsung's European headquarters.

House prices in New Malden have since risen and carried an average price of £728,901 in 2022, according to Rightmove. Overall, sold prices in the suburb were up six per cent on the previous year and 9pc up on the 2017 peak of £668,029.

Kingston Council said it plans to build affordable homes in New Malden and create a new heart for the town centre by revamping Cocks Crescent – transforming the site behind the high street with a new public square, leisure hub and swimming pool along with affordable homes. The revamp of the Cambridge Road Estate in nearby Norbiton will also see the addition of 114 new council homes.

Seoul Plaza, New Malden High Street. Credit: Charlotte Lillywhite/LDRS

Residents told the Local Democracy Reporting Service that people are still attracted to the area because its schools and transport links are so good. Kevin Hong, 48, moved to the suburb from South Korea with his partner around 10 years ago. He said: "This is kind of a Korean village, so really that's why we chose here."

He added: "I think population-wise it's bigger now and it's developed further because even the outside of the area… there are also many Koreans coming in so that means people are quite enjoying here." He continued: "They have quite good schools around here. I think that's why Korean people like here."

Sunmi Kim started working at K-fashion store MACE in September and called the area "thriving" and "really friendly and easy to commute". The 37 year old said: "Compared to the last few years there were not many restaurants, not many Korean-style coffee shops around here but now there's a lot."

She said: "Some people come to the Korean restaurant over there and they are waiting 45 minutes for food."

Sunmi Kim, 37, works at MACE on New Malden High Street. Credit: Charlotte Lillywhite/LDRS

Sinae Song and her partner Yongsham Lim, both 28, come to the high street for food after moving locally from South Korea – Ms Song in 2021 and Mr Lim in 2013, when he joined Kingston University.

Mr Lim said: "Based on our culture it's easy to find Korean stuff so it's good and convenient." Ms Song said, however, that she would like "some other shops" and that it would be great to have a Tube station in the town.

Jane Lim said the high street is "buzzing" and the "most convenient town just outside of central London" but warned house prices are crazy as local schools are amazing. She added: "It's safe to live, it's a very comfortable town to live in… public transport is incredible, you're in London in 15 minutes by train."

A big change Ms Lim has noticed is more non-Koreans visiting New Malden following the global rise in popularity of Korean food and culture, along with influencers promoting the area on social media. "The wider community is getting to know that New Malden is one of the hotspots to experience Korean culture, which is amazing," she said.

But she said "Britain is becoming less attractive" for people who run other types of businesses. She has noticed more residents and business-owners leaving New Malden for two main reasons."One is immigration has been really tight, not just for Koreans but in general," she said. "And the second is Brexit".

She said: "Because of Brexit people see less opportunities because before, when we were in Europe, it was a lot easier to export, import in Europe and all that but now tax is going up. If you want to import it's better to live somewhere in Europe rather than somewhere in Britain."

She feels "it's a little bit empty, there's not fundamental grasps" keeping people in New Malden as "they might be here now because K-pop, K-culture is really at its peak at the moment but then when the bubble bursts, what's going to happen?"

She added: "For the youngsters I think if there were more jobs available then they would probably move here because it's a little bit cheaper than central London and it's a convenient town – but still a lot of youngsters prefer living in [central] London because there's a lot more than just restaurant jobs available."

Lib Dem councillor Lesley Heap, chair of the New and Old Malden neighbourhood committee, said: "We are proud that New Malden is a great place for all communities to live, work and visit. There are many hidden gems along the high street with thriving local businesses, cultural diversity, and community spirit which means that there is something for everyone.

"The council will continue to support the growth of the town centre to ensure it thrives to meet the challenges of the current economic climate."

Korean Culture and Arts Centre, New Malden High Street. Credit: Charlotte Lillywhite/LDRS

A spokesperson for Kingston Council said: "Kingston Council is working closely with the community in New Malden on a number of projects and plans with a particular focus on supporting locally-led activity, to boost businesses and the high street, regenerate the area and to attract new visitors.

"We have pledged to build sustainable homes that are affordable so people can live and work in the borough. The Cocks Crescent development will form a key part of this, with the site due to be transformed into a vibrant, mixed use scheme at the new heart of New Malden town centre.

"In addition, the regeneration of the Cambridge Road Estate in nearby Norbiton will deliver more than 2,100 homes – a mix of flats, maisonettes and houses – with 45 per cent of them (more than 940) affordable, including 114 new council homes.

"The council is also committed to supporting businesses and the economy in New Malden to make it a more attractive place to be. The New Malden Town Centre Partnership (NMTCP) works in partnership with the council to improve the appearance of the town centre, manage the New Malden Business Directory which champions the town's local retailers and services, and has hosted successful events and activities on Jubilee Square – an exciting public space often used to promote New Malden's rich cultural diversity and heritage and attract people into the high street.

"We have also supported the creation of New Malden Business Forum enabling local businesses to network, share resources, develop skills and help businesses transition to a green economy – reducing any negative impact on the environment and securing business growth opportunities."