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
Location Detached size (sq ft) Semi-detached size (sq ft) Terraced size (sq ft) Flat size (sq ft) Detached value per sq ft Semi-detached value per sq ft Terraced value per sq ft flat value per sq ft
Barking and Dagenham 821 601 573 431 £669 £648 £575 £526
Barnet 924 677 645 484 £1,356 £1,093 £860 £790
Bexley 821 601 573 431 £733 £748 £624 £548
Brent 883 647 616 463 £1,370 £1,231 £1,093 £918
Bromley 903 662 631 474 £1,024 £849 £655 £621
Camden 883 647 616 463 £3,371 £3,151 £2,190 £1,625
Croydon 842 617 588 441 £955 £838 £639 £613
Ealing 842 617 588 441 £1,381 £1,153 £994 £888
Enfield 842 617 588 441 £1,162 £1,024 £732 £647
Greenwich 883 647 616 463 £973 £944 £741 £744
Hackney 903 662 631 474 £1,215 £1,582 £1,422 £1,169
Hammersmith and Fulham 862 632 602 452 £1,500 £1,960 £1,779 £1,426
Haringey 842 617 588 441 £2,423 £1,757 £1,200 £1,148
Harrow 924 677 645 484 £1,205 £894 £749 £675
Havering 862 632 602 452 £830 £715 £587 £505
Hillingdon 821 601 573 431 £1,043 £903 £733 £651
Hounslow 883 647 616 463 £948 £930 £837 £725
Islington 842 617 588 441 £2,151 £2,042 £1,869 £1,364
Kensington and Chelsea 944 692 659 495 £4,227 £5,994 £4,302 £2,633
Kingston upon Thames 903 662 631 474 £1,143 £1,032 £794 £744
Lambeth 903 662 631 474 £1,396 £1,534 £1,257 £1,005
Lewisham 924 677 645 484 £957 £1,058 £807 £732
Merton 862 632 602 452 £1,915 £1,406 £1,028 £922
Newham 862 632 602 452 £815 £897 £720 £828
Redbridge 862 632 602 452 £1,107 £993 £800 £679
Richmond upon Thames 944 692 659 495 £1,583 £1,457 £1,224 £966
Southwark 883 647 616 463 £2,048 £1,674 £1,286 £1,017
Sutton 862 632 602 452 £1,083 £906 £662 £610
Tower Hamlets 944 692 659 495 £886 £1,114 £1,063 £969
Waltham Forest 821 601 573 431 £1,019 £1,184 £910 £840
Wandsworth 924 677 645 484 £1,981 £1,873 £1,392 £1,112
Westminster 903 662 631 474 £2,917 £3,467 £2,434 £1,802
                 
London 883 647 616 463 £1,113 £985 £891 £956
Sources DataLoft and ONS Overall 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
Location Detached house price Semi house price Terraced house price Flat house price Detached (sq ft) Semi (sq ft) Terraced (sq ft) Flat (sq ft) Detached value per sq ft Semi value per sq ft Terraced value per sq ft flat value per sq ft
Barking and Dagenham £549,132 £389,456 £329,723 £226,664 821 601 573 431 £669 £648 £575 £526
Barnet £1,252,661 £739,371 £554,348 £382,855 924 677 645 484 £1,356 £1,093 £860 £790
Bexley £602,016 £449,960 £357,449 £235,778 821 601 573 431 £733 £748 £624 £548
Brent £1,209,216 £795,687 £673,686 £424,975 883 647 616 463 £1,370 £1,231 £1,093 £918
Bromley £924,690 £561,949 £413,009 £294,259 903 662 631 474 £1,024 £849 £655 £621
Camden £2,975,201 £2,037,620 £1,349,708 £752,062 883 647 616 463 £3,371 £3,151 £2,190 £1,625
Croydon £803,914 £516,346 £375,510 £270,478 842 617 588 441 £955 £838 £639 £613
Ealing £1,162,317 £710,945 £583,804 £391,787 842 617 588 441 £1,381 £1,153 £994 £888
Enfield £977,963 £631,201 £429,952 £285,478 842 617 588 441 £1,162 £1,024 £732 £647
Greenwich £858,806 £610,229 £456,795 £344,216 883 647 616 463 £973 £944 £741 £744
Hackney £1,097,068 £1,046,641 £896,368 £553,815 903 662 631 474 £1,215 £1,582 £1,422 £1,169
Hammersmith and Fulham £1,293,502 £1,238,118 £1,070,655 £644,759 862 632 602 452 £1,500 £1,960 £1,779 £1,426
Haringey £2,038,728 £1,083,445 £704,752 £506,849 842 617 588 441 £2,423 £1,757 £1,200 £1,148
Harrow £1,113,091 £604,971 £482,897 £327,112 924 677 645 484 £1,205 £894 £749 £675
Havering £715,879 £451,500 £353,087 £228,381 862 632 602 452 £830 £715 £587 £505
Hillingdon £856,480 £543,397 £419,888 £280,150 821 601 573 431 £1,043 £903 £733 £651
Hounslow £836,570 £601,166 £515,665 £335,399 883 647 616 463 £948 £930 £837 £725
Islington £1,810,076 £1,258,715 £1,098,012 £601,950 842 617 588 441 £2,151 £2,042 £1,869 £1,364
Kensington and Chelsea £3,991,159 £4,145,875 £2,835,570 £1,303,936 944 692 659 495 £4,227 £5,994 £4,302 £2,633
Kingston upon Thames £1,031,906 £682,651 £500,577 £352,407 903 662 631 474 £1,143 £1,032 £794 £744
Lambeth £1,261,152 £1,014,615 £792,653 £476,159 903 662 631 474 £1,396 £1,534 £1,257 £1,005
Lewisham £883,926 £715,871 £520,641 £354,636 924 677 645 484 £957 £1,058 £807 £732
Merton £1,650,442 £887,798 £618,509 £416,727 862 632 602 452 £1,915 £1,406 £1,028 £922
Newham £702,299 £566,706 £433,470 £374,329 862 632 602 452 £815 £897 £720 £828
Redbridge £954,094 £627,043 £481,370 £307,073 862 632 602 452 £1,107 £993 £800 £679
Richmond upon Thames £1,494,419 £1,007,742 £806,611 £478,550 944 692 659 495 £1,583 £1,457 £1,224 £966
Southwark £1,807,702 £1,082,599 £792,592 £470,613 883 647 616 463 £2,048 £1,674 £1,286 £1,017
Sutton £933,415 £572,251 £398,196 £275,949 862 632 602 452 £1,083 £906 £662 £610
Tower Hamlets £836,412 £770,770 £700,998 £480,006 944 692 659 495 £886 £1,114 £1,063 £969
Waltham Forest £836,826 £712,335 £521,707 £361,534 821 601 573 431 £1,019 £1,184 £910 £840
Wandsworth £1,830,167 £1,267,033 £897,545 £538,689 924 677 645 484 £1,981 £1,873 £1,392 £1,112
Westminster £2,634,454 £2,294,100 £1,534,501 £853,479 903 662 631 474 £2,917 £3,467 £2,434 £1,802
                         
London £982,085 £636,993 £548,982 £442,304 883 647 616 463 £1,113 £985 £891 £956
Sources ONS- UK House Price Index DataLoft and ONS Overall average house price/average property size in sq ft
                         

 

 

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