Average detached London home worth £982,085
The average price of a detached property in London is now £982,085, according to MovingHomeAdvice.com.
The London lettings and estate agent also outlined that the average size of a detached property in London is 883 square feet, meaning homebuyers are paying £1,113 for every square foot.
Semi-detached homes were the next most expensive, coming in at £985 per square foot, due to an average size of 657 square feet and an overall average price of £636,993.
The data found that the best value for money was a terraced house, on average 616 square feet and priced at £548,982.
Furthermore, the data also showed that detached properties in Tower Hamlets were the best value.
The average detached home is 944 square feet and costs £836,412, equating to £886 per square foot; in contrast, the average semi-detached home currently is £1,114 per square foot, with terraced houses (£1,063 per square foot) and flats (£969 per square foot) also costing more on a square foot basis.
Russell Quirk, in-house property expert for MovingHomeAdvice.com, said: “An overall asking price can give you a good indicator of whether a property is overvalued, under or correctly priced for current market conditions, but no one property is likely to be the same unless you’re comparing like for like in a new build development.
“That’s when analysing property prices on a square foot basis can really help you find the right property for the best price.
“Especially in London, where space is scarce, maximising the size of your property can make a real difference.
“So while you may have your budget set at £500,000, for example, you could well find that stretching this for the right property will actually get you more value for money in terms of the size of the property.”