Liquid error: wrong number of arguments (2 for 1) Expect to pay more than 500,000 for Prime London one-bed home | Marsh & Parsons Sales and Lettings Estate Agents London

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Expect to pay more than 500,000 for Prime London one-bed home

Sun 01 Dec 2013

Expect to pay more than 500,000 for Prime London one-bed home

The average value of one-bedroom properties in Prime London has risen by over 60,000 in the past year, according to estate agent Marsh & Parsons' latest London Property Monitor.

The bulk of this increase was gained in the last three months, after a strong 6 per cent quarterly rise increased the average value of one-bedroom properties by an extra 29,140. This follows three strong quarters of growth in the past year, contributing to a 14 per cent annual growth - equivalent to 62,063 in a year.

The average price of a one-bedroom property in Prime London now stands at 502,139. In Prime Central London, covering the most expensive areas of Chelsea, Kensington, Notting Hill, Holland Park and Pimlico, the average value of a one-bedroom property has risen to 583.036 - a 9 per cent increase in the last year, equivalent to 48,703 in a year.

Peter Rollings, CEO of Marsh & Parsons, commented: 'Competition for one-bedroom properties in particular is fierce. Spurred on by the rapidly improved availability of mortgages and low interest rates, first time buyers are flooding the market in competition for the best properties in this price bracket.

"In addition, one-bedroom properties generate the best rental yields, making them a popular purchase for buy-to-let investors. We have noticed many young, would-be buyers are choosing to be long-term renters, rather than saving up for a deposit. As a result, the value of one-bedroom properties in Prime London is shooting up the scale."

Rollings continued: 'While interest rates remain low, Prime London property will continue to be an attractive investment opportunity for both UK and over-seas buyers, and prices will remain high.

"However, rather than create a bubble, we may find that Help to Buy actually stabilises prices by encouraging first time-time sellers to put their properties on the market and take their next step up the property ladder. For the past three quarters, a lack of available property has created a high premium for those on the market, but the gradual increase in supply, combined with the wide volume of property development taking place, may start to initiate more 'normal' market conditions."

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