Average detached London home worth £982,085

Jake Carter

February 1, 2021

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.”

Sign up to our daily email