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.
The firm analysed current average house price data in each borough for flats, detached, 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.
Russell Quirk, In-house property expert for MovingHomeAdvice.com, 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.”
