Pay an extra 25% to buy a house in a popular London garden square
The average price of a home located on one of central London’s popular garden squares now costs above £2 million and commands a sales premium of 25% over a similar home nearby, new research shows.
The study analysed house prices in and around 64 of central London’s garden squares. The 25% premium for 2015 remains unchanged from 2014, although the average price of a home in a garden square rose 7% to £2,040,713, breaking the £2 million mark for the first time.
In order to derive the premium, the analysis compared sales prices, taken over a five year period, of properties located on a garden square, compared to those within a 200 meter radius of a square. All prices were indexed forward to January 2015 values, to account for house price inflation.
In 2015 a property situated on a central London garden square sells on average for £2,040,713 compared to £1,643,907 for a similar property within a 200 meter radius of the square.
For houses the price differential is even greater. The average price for a house located on a garden square in 2015 is £5,022,221, compared to £3,320,582 for a house within a 200 meters radius of a square.
Overall it’s a combination of factors that accounts for the price premium buyers are prepared to pay for a home on a London garden square; namely setting, prestigious address and exceptional architecture […]. LINK[Source: Propertywire]