London homebuyers confronted with 140% worth premium for a room with a view

The newest analysis by London lettings and property agent, Benham and Reeves, reveals that homebuyers who need a room with a view in London are dealing with home worth premium of as much as 140%.

Benham and Reeves has analysed asking costs for London properties listed with the attract of a ‘good view’ to see how they examine to the broader worth of buying a property throughout the capital. A ‘good view’ would possibly entail cityscapes, riversides or, in additional suburban boroughs, inexperienced house.

The information reveals {that a} property listed with a great view in London prices, on common, simply over £1 million. That is 93% greater than the general common London home worth of £525,629.

The most important premium for a room with a view is discovered within the borough of Lambeth. Right here, the common asking worth is £545,537, whereas the common for a great view is a wide ranging 137% extra at £1.3 million.

Merton, within the metropolis’s South West, carries a mean worth of £564,071, however patrons who need a good view can anticipate to pay a premium of 120% to safe such a property.

London’s room with a view home worth premium good additionally tops 100% in Kensington & Chelsea (109%), Lewisham (108%), and Enfield (105%).

For patrons already making an attempt to navigate a dear London market and unusually costly mortgages, such extraordinary premiums are seemingly out of attain. However there are a selection of boroughs the place a great view is rather more inexpensive.

Within the North West London borough of Harrow, the common residence prices £512,866 whereas the common for a great view is £602,080; a premium of simply 17%.

In Brent, a great view will price a further 25%, and in Ealing it’s a further 26%.

The great view premium additionally is available in beneath 50% in Waltham Forest (31%), Barnet (35%), Bromley (38%), and Newham (48%).

Director of Benham and Reeves, Marc von Grundherr stated, “One of the best views that London has to supply are going to price you some huge cash. It’s a case of provide and demand. In a largely flat metropolis which is densely populated with buildings, actually majestic views are comparatively few and much between.

That’s why any owners who’re sitting on an excellent view can all the time be assured that their property will obtain a hefty worth premium even in a cooling housing market. A room with a view is akin to being inside two minutes stroll of a tube station – utterly resistant to wider market situations and all the time in excessive demand.”