Recent studies by London estate agency, Benham and Reeves, highlight that those wishing for a scenic outlook in London properties can expect to pay a hefty markup of up to 140%.
Benham and Reeves examined London property asking prices that boast of an ‘impressive view’ to compare them to the general property prices throughout the city. An ‘impressive view’ could span city panoramas, river views or green expanses in the more suburban areas.
The findings suggest that a London home boasting a scenic view comes with an average price tag of just above £1 million. This is a whopping 93% higher than the typical London home value of £525,629.
In the Lambeth borough, the disparity is most pronounced. The standard asking price there averages £545,537, but for a picturesque view, the price surges by an astonishing 137% to £1.3 million.
For the South West’s Merton, the usual property costs around £564,071. However, those desiring a scenic backdrop would be looking at a 120% price surge for such a home.
The price surcharge for London homes with scenic views also exceeds 100% in boroughs such as Kensington & Chelsea (109%), Lewisham (108%), and Enfield (105%).
For those grappling with London’s costly property scene and steep mortgages, these remarkable mark-ups might be prohibitive. However, there are boroughs where homes with impressive views are more reasonably priced.
In Harrow, situated in North West London, a standard home is priced on average at £512,866, while a home with an appealing view averages £602,080, marking a 17% upcharge.
In Brent, securing a view comes with a 25% increase, whereas in Ealing it’s up by 26%.
Lesser view-related price hikes, below 50%, are observed in Waltham Forest (31%), Barnet (35%), Bromley (38%), and Newham (48%).
Benham and Reeves’ Director, Marc von Grundherr, commented, “Securing London’s premium vistas will undoubtedly come at a substantial cost. It boils down to simple economics of supply and demand. Given London’s largely built-up landscape, truly captivating vistas are somewhat of a rarity.”
This is why property owners with a splendid view can be assured that their home will command a significant price increase, even in a subdued property market. A property with a captivating vista is much like being a stone’s throw away from a tube station – it remains largely unaffected by broader market trends and is perpetually sought-after.
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