Westminster has a greater proportion of under-priced properties than any other London borough with nearly three quarters (74%) of the borough’s properties being underpriced, research by fintech firm Proportunity has revealed.
The analysis found other central London boroughs such as Kensington and Chelsea, Hammersmith and Fulham, Kingston upon Thames and Camden all had a large proportion of under-valued properties.
Newham had the least undervalued properties in the capital, with only 36% of the borough seen as undervalued.
The firm used its AI-powered real estate analytics platform to examine property listings from online portal Zoopla and then compared hundreds of data points on everything from floor space to local crime stats in order to work out what a property’s true value should be.
By comparing each property to nearby homes that share similar characteristics on a price per square metre basis, Proportunity was able to identify which are currently under-priced, highlighting good buying opportunities for would-be buyers and investors.
Proportunity’s research only surveyed properties under £1m, meaning that many Prime Central London properties were excluded.
The research also suggested that inner London boroughs could be set for a post-Brexit bounceback.
Vadim Toader, founder and chief executive at Proportunity, said: “It’s no surprise to anyone that central London’s housing market has been hit hard by Brexit and stamp duty reforms, but our analysis reveals the true scale to which property prices have been hit, with the vast majority of homes in highly desirable areas such as Hammersmith and Fulham found to be under-valued.
“While these properties remain expensive compared to the rest of the country, buyers wanting a relative bargain might not want to hesitate for too long.”