Rightmove announced that for the first time, asking prices in London had surpassed the £500,000 mark
In May, Rightmove announced that for the first time, asking prices in London had surpassed the £500,000 mark. This means that London properties are now more than double the national average. The incredible rise in London prices led one Economist writer to title his article ‘London house prices: The parasitic city’.
What does half a million get you in the London area? It depends. In some areas the answer is not much. In other areas, a half million can get you a spectacular home. As you might imagine, a half million in Central London might get you a one-bedroom flat with no garden. On the other end of the spectrum, you can get a lot of house for the same price in East London. Unfortunately, much of what you will find for the price includes blocks of flats and HMOs. However, £475,000 will buy you a nice 4BR semi-detached in Barking. The home is modern, well decorated and boasts three reception rooms, and front and rear gardens.
Of course, there is middle ground to be had. West London offers a significant number of properties in the £475-550,000 range. In Ealing, you can find a number of properties in this range in highly desirable locations such as Uxbridge Road and Ealing Broadway. A recent semi-detached went under offer in Perivale: 5BR, 2 bath with study and over 1400 sq. ft. of space.
Southwest London also offers real value. In Merton, you can get a 4BR detached with garage and over 1770 sq. ft of internal space. Southeast London also offers a wide range of properties in this price category. Depending on the area, you can get anything from a 5 BR semi-detached in Moordown to a one-bedroom flat in Fountain Green Square overlooking the Thames.
Those looking to buy property in London need to shop around for value. While Central London may be your ideal location, you will likely find that looking outside the heart of the city will get you more home for your money.
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