UPDATE Friday 23 December 2022:
Knights Hill was reopened to all traffic this evening.
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The original leak on Knights Hill outside St. Lukes was reported on Sunday 18 December as thousands of gallons of water flowed down the hill past the post office and reached as far as B&Q. By Monday morning traffic chaos had ensued. With the subsequent road closure causing massive bus and other traffic diversions, Thames Water managed to repair the leak on Wednesday, and on Thursday restore the water supply to affected businesses and residents. Road repairs were in hand on Friday. Station to Station are pressing Thames Water to pay appropriate compensation to the businesses affected.

We do not know when the road will be reopened. Northbound buses remain on a wide diversion via Crown Lane, Streatham High Road, Christchurch Road and Hardel Rise. Stops all the way for the one and a half miles from Crown Point to Tulse Hill (Deronda Road stop) are likely to remain out of action for the forseeable future.  Use this TfL bus status site to ascertain the positon before you start your journey.

Thames Water say the high number of leaks and burst pipes are a result of the milder weather; the changing temperatures can cause pipes, and the ground around them, to expand and contract. This in turn means pipes can contract or burst. The Thames Water map here shows all reported leaks.