The latest property market analysis by London lettings and estate agent, Benham and Reeves, has revealed that London homes that are built on a corner plot command an asking price up to 44% higher than other homes in the area.
Because homes that are built on corner plots are not surrounded on all sides by other properties, they tend to be slightly larger than the rest of the street, and they also enjoy superior natural light and ventilation. As such, they come at a premium price.
The data shows that the average price paid for a corner plot home across London is £835,621, while comparable nearby properties command £739,458 – a modest premium of 13%. When analysing each London borough, however, this premium can become significantly larger.
In Islington, corner plot homes command an average price of almost £1.7 million, while comparable surrounding homes go for £1.1m. This marks a corner plot premium of more than 44% – the highest in London.
Corner plot homes in Westminster are almost 40% more expensive at an average price of nearly £1.8 million.
In Newham, the corner plot premium is 35%, in Tower Hamlets it’s 26%, and in Haringey it’s 23%. The top-ten of London’s largest corner plot premiums is completed with Barnet (21%), Harrow (19%), Sutton (14%), Brent (13%), and Enfield (12%).
However, there are six boroughs in which these homes actually cost less than the overall borough average, presenting homebuyers the chance of an affordable corner plot purchase. These are Greenwich (-10%), Camden (-8%), Hammersmith & Fulham (-7%), Kingston-upon-Thames (-5%), Ealing (-4%), and Bromley (-2%).
Director of Benham and Reeves, Marc von Grundherr, commented:
“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.”