Terraced homes offer best value for money to London homebuyers

Terraced homes offer best value for money to London homebuyers

The latest research by London lettings and estate agent, MovingHomeAdvice.com, has revealed which London property type currently offers the best value for money to the capital’s homebuyers based on the cost per square foot.

MovingHomeAdvice.com, analysed current average house price data in each borough for flats, datached, semi-detached and terraced houses. MHA then looked at the current average size of each property type and what this average house price equated to as a square foot cost.

The research shows that across London the average detached home is worth £982,085 and also averages 883 square feet, meaning homebuyers are paying £1,113 for every square foot of detached bricks and mortar.

As you might expect, semi-detached homes are the next most expensive coming in at £985 per sq ft due to an average size of 657 sq ft and an overall average price tag of £636,993.

The best value for money is a London terraced house. At 616 sq ft, the average London terraced house is 153 sq ft larger than the average London flat. While it’s also more expensive at £548,982 to £442,304 for a flat, it works out at a much better value at £891 per sq ft compared to £956 per sq ft for a flat.

That said, on a borough by borough basis, flats prove the best value per sq ft in all but three London boroughs. In Greenwich and Newham, the terraced house remains the best value for money per sq foot, but believe it or not, detached properties reign supreme in one borough.

In Tower Hamlets, the average detached home is 944 sq ft and costs an average of £836,412; £886 per sq ft. In contrast, the average semi-detached home currently commands £1,114 per sq ft, with terraced houses (£1,063 per sq ft) and flats (£969 per sq ft) also costing more on a square foot basis.

In-house property expert for MovingHomeAdvice.com, Russell Quirk, said:

“An overall asking price can give you a good indicator of whether a property is overvalued, under or correctly priced for current market conditions, but no one property is likely to be the same unless you’re comparing like for like in a new build development. That’s when analysing property prices on a square foot basis can really help you find the right property for the best price.

Especially in London, where space is scarce, maximising the size of your property can make a real difference. So while you may have your budget set at £500,000, for example, you could well find that stretching this for the right property will actually get you more value for money in terms of the size of the property.”

 

Table shows the average size of property by property type and borough, the cost per square foot and which property type offers the best value
LocationDetached size (sq ft)Semi-detached size (sq ft)Terraced size (sq ft)Flat size (sq ft)Detached value per sq ftSemi-detached value per sq ftTerraced value per sq ftflat value per sq ft
Barking and Dagenham821601573431£669£648£575£526
Barnet924677645484£1,356£1,093£860£790
Bexley821601573431£733£748£624£548
Brent883647616463£1,370£1,231£1,093£918
Bromley903662631474£1,024£849£655£621
Camden883647616463£3,371£3,151£2,190£1,625
Croydon842617588441£955£838£639£613
Ealing842617588441£1,381£1,153£994£888
Enfield842617588441£1,162£1,024£732£647
Greenwich883647616463£973£944£741£744
Hackney903662631474£1,215£1,582£1,422£1,169
Hammersmith and Fulham862632602452£1,500£1,960£1,779£1,426
Haringey842617588441£2,423£1,757£1,200£1,148
Harrow924677645484£1,205£894£749£675
Havering862632602452£830£715£587£505
Hillingdon821601573431£1,043£903£733£651
Hounslow883647616463£948£930£837£725
Islington842617588441£2,151£2,042£1,869£1,364
Kensington and Chelsea944692659495£4,227£5,994£4,302£2,633
Kingston upon Thames903662631474£1,143£1,032£794£744
Lambeth903662631474£1,396£1,534£1,257£1,005
Lewisham924677645484£957£1,058£807£732
Merton862632602452£1,915£1,406£1,028£922
Newham862632602452£815£897£720£828
Redbridge862632602452£1,107£993£800£679
Richmond upon Thames944692659495£1,583£1,457£1,224£966
Southwark883647616463£2,048£1,674£1,286£1,017
Sutton862632602452£1,083£906£662£610
Tower Hamlets944692659495£886£1,114£1,063£969
Waltham Forest821601573431£1,019£1,184£910£840
Wandsworth924677645484£1,981£1,873£1,392£1,112
Westminster903662631474£2,917£3,467£2,434£1,802
         
London883647616463£1,113£985£891£956
SourcesDataLoft and ONSOverall average house price (table below)/average property size in sq ft
         

 

Table shows the same as the above but with the addition of overall average asking price by property type
LocationDetached house priceSemi house priceTerraced house priceFlat house priceDetached (sq ft)Semi (sq ft)Terraced (sq ft)Flat (sq ft)Detached value per sq ftSemi value per sq ftTerraced value per sq ftflat value per sq ft
Barking and Dagenham£549,132£389,456£329,723£226,664821601573431£669£648£575£526
Barnet£1,252,661£739,371£554,348£382,855924677645484£1,356£1,093£860£790
Bexley£602,016£449,960£357,449£235,778821601573431£733£748£624£548
Brent£1,209,216£795,687£673,686£424,975883647616463£1,370£1,231£1,093£918
Bromley£924,690£561,949£413,009£294,259903662631474£1,024£849£655£621
Camden£2,975,201£2,037,620£1,349,708£752,062883647616463£3,371£3,151£2,190£1,625
Croydon£803,914£516,346£375,510£270,478842617588441£955£838£639£613
Ealing£1,162,317£710,945£583,804£391,787842617588441£1,381£1,153£994£888
Enfield£977,963£631,201£429,952£285,478842617588441£1,162£1,024£732£647
Greenwich£858,806£610,229£456,795£344,216883647616463£973£944£741£744
Hackney£1,097,068£1,046,641£896,368£553,815903662631474£1,215£1,582£1,422£1,169
Hammersmith and Fulham£1,293,502£1,238,118£1,070,655£644,759862632602452£1,500£1,960£1,779£1,426
Haringey£2,038,728£1,083,445£704,752£506,849842617588441£2,423£1,757£1,200£1,148
Harrow£1,113,091£604,971£482,897£327,112924677645484£1,205£894£749£675
Havering£715,879£451,500£353,087£228,381862632602452£830£715£587£505
Hillingdon£856,480£543,397£419,888£280,150821601573431£1,043£903£733£651
Hounslow£836,570£601,166£515,665£335,399883647616463£948£930£837£725
Islington£1,810,076£1,258,715£1,098,012£601,950842617588441£2,151£2,042£1,869£1,364
Kensington and Chelsea£3,991,159£4,145,875£2,835,570£1,303,936944692659495£4,227£5,994£4,302£2,633
Kingston upon Thames£1,031,906£682,651£500,577£352,407903662631474£1,143£1,032£794£744
Lambeth£1,261,152£1,014,615£792,653£476,159903662631474£1,396£1,534£1,257£1,005
Lewisham£883,926£715,871£520,641£354,636924677645484£957£1,058£807£732
Merton£1,650,442£887,798£618,509£416,727862632602452£1,915£1,406£1,028£922
Newham£702,299£566,706£433,470£374,329862632602452£815£897£720£828
Redbridge£954,094£627,043£481,370£307,073862632602452£1,107£993£800£679
Richmond upon Thames£1,494,419£1,007,742£806,611£478,550944692659495£1,583£1,457£1,224£966
Southwark£1,807,702£1,082,599£792,592£470,613883647616463£2,048£1,674£1,286£1,017
Sutton£933,415£572,251£398,196£275,949862632602452£1,083£906£662£610
Tower Hamlets£836,412£770,770£700,998£480,006944692659495£886£1,114£1,063£969
Waltham Forest£836,826£712,335£521,707£361,534821601573431£1,019£1,184£910£840
Wandsworth£1,830,167£1,267,033£897,545£538,689924677645484£1,981£1,873£1,392£1,112
Westminster£2,634,454£2,294,100£1,534,501£853,479903662631474£2,917£3,467£2,434£1,802
             
London£982,085£636,993£548,982£442,304883647616463£1,113£985£891£956
SourcesONS- UK House Price IndexDataLoft and ONSOverall average house price/average property size in sq ft
             

 

 

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Rebecca Morpeth Spayne,
Editor, Showhome Magazine

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