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London homesellers enjoy corner plot house price premium of up to 44%

London homesellers enjoy corner plotThe 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 ÂŁ739,458  –  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 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.

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