London properties located on a corner plot have an asking price of up to 44% higher than other homes in the same area. This is down to a range of benefits associated with corner properties, including:
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Not being surrounded by properties on all sides
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Tending to be slightly larger than other homes on the street
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Receiving more natural light
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Receiving more ventilation
These are popular features for any homeowner, but in the current climate, it is easy to see why someone would pay more for these features at their home.
There is corner plot premium across the capital
The average price buyers pay for a corner property across the capital comes in at £835,621 while the comparable price paid for homes in the local area is £739,458. This means corner properties hold a premium of 13%. Of course, when you look at each London borough in greater detail, you will find that there is more variance when it comes to the price buyers will pay for a corner plot.
The largest gap comes in Islington. Buyers are paying an average price of £1.7m for a corner property, while similar homes in the area sell for £1.1m. This means corner properties hold a premium of over 44%.
In Westminster, the corner plot premium comes in at close to 40%, and buyers are paying close to £1.8m for these properties.
Where are buyers paying more for a corner plot property?
Other areas where the premium for corner plots in London are large include:
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Newham, with a 35% premium
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Tower Hamlets, holding a 26% premium
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Haringey, where the premium is 23%
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Barnet, with a 21% premium
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Harrow, with a premium of 19%
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Sutton, holding a premium of 14%
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Brent, where the premium is 13%
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Enfield, with a premium of 12%
However, there are some parts of the capital where buyers pay less for a corner plot, including:
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Greenwich, where corner plots are -10%
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Camden, with an -8% difference
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Hammersmith & Fulham, with a -7% gap
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Kingston-Upon-Thames, with a -5% gap
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Ealing, with a -4% gap
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Bromley, where the gap is -2%
Obviously, we are interested in the Camden borough prices, where corner plots are more affordable than other homes on the street. This is an interesting twist, and something we are more than happy to assist you with. If you are looking to connect with buyers in Belsize Park, we are here to make a difference.
Director of Benham and Reeves, Marc von Grundherr is a well-known name in the housing market, and he said; “A corner plot is not only more desirable due to the fact they are often more spacious and offer slightly more outdoor space, but they also provide the added privacy that comes with having just a single neighbour. In a built-up area such as London, this can be particularly appealing but while demand is higher, they are also harder to come by due to the limited level of stock. As a result, you will generally find that the cost of a corner plot property is going to come in far higher than comparable properties on the same road, for example.”
If you would like to arrange an appointment to help you negotiate the local housing market, please contact Stones Residential today by calling us on 020 7483 0685 or emailing belsizepark@stonesresidential.co.uk.
