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 ÂŁ835,621, while comparable nearby properties command ÂŁ739,458Â –Â 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 ÂŁ1.7 million, while comparable surrounding homes go for ÂŁ1.1m. 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 ÂŁ1.8 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.”
Table shows the house price premium for a corner plot property across each London borough
Location
Corner plot – ave price
Wider area equivalent – ave price
Corner plot premium
Islington
ÂŁ1,646,903
ÂŁ1,142,103
44.20%
Westminster
ÂŁ1,784,237
ÂŁ1,275,001
39.94%
Newham
ÂŁ479,229
ÂŁ355,910
34.65%
Tower Hamlets
ÂŁ544,289
ÂŁ432,865
25.74%
Haringey
ÂŁ1,019,298
ÂŁ825,900
23.42%
Barnet
ÂŁ1,002,385
ÂŁ829,891
20.79%
Harrow
ÂŁ850,249
ÂŁ714,337
19.03%
Sutton
ÂŁ691,021
ÂŁ604,042
14.40%
Brent
ÂŁ913,506
ÂŁ809,431
12.86%
Enfield
ÂŁ656,810
ÂŁ588,205
11.66%
Havering
ÂŁ625,759
ÂŁ562,232
11.30%
Lambeth
ÂŁ733,627
ÂŁ659,624
11.22%
Hounslow
ÂŁ745,473
ÂŁ676,064
10.27%
Lewisham
ÂŁ524,605
ÂŁ476,272
10.15%
Croydon
ÂŁ530,134
ÂŁ484,457
9.43%
Bexley
ÂŁ492,160
ÂŁ455,907
7.95%
Redbridge
ÂŁ727,129
ÂŁ677,084
7.39%
Hillingdon
ÂŁ586,875
ÂŁ547,156
7.26%
Hackney
ÂŁ637,530
ÂŁ599,581
6.33%
Merton
ÂŁ571,767
ÂŁ541,018
5.68%
Waltham Forest
ÂŁ503,420
ÂŁ478,671
5.17%
Kensington and Chelsea
ÂŁ2,209,293
ÂŁ2,148,484
2.83%
Southwark
ÂŁ667,283
ÂŁ651,818
2.37%
Wandsworth
ÂŁ1,392,480
ÂŁ1,362,077
2.23%
Richmond upon Thames
ÂŁ1,243,497
ÂŁ1,216,738
2.20%
Barking and Dagenham
ÂŁ357,263
ÂŁ353,638
1.03%
Bromley
ÂŁ603,428
ÂŁ613,449
-1.63%
Ealing
ÂŁ788,364
ÂŁ818,083
-3.63%
Kingston upon Thames
ÂŁ888,903
ÂŁ931,299
-4.55%
Hammersmith and Fulham
ÂŁ671,287
ÂŁ722,586
-7.10%
Camden
ÂŁ1,955,761
ÂŁ2,127,858
-8.09%
Greenwich
ÂŁ464,408
ÂŁ516,125
-10.02%
London
ÂŁ835,621
ÂŁ739,458
13.00%
Data sourced from PropertyData.com – Corner plot premiums
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About the Author
Established in 1958, Benham and Reeves is one of London’s oldest, independently owned property lettings and sales agents. With specialism in residential sales, corporate lettings and property management in prime areas of London, the company operates from 21 prominently located branches and 14 international offices.