Best London hopsizing routes for a bigger home at a cheaper price
Leading London estate agent, Benham and Reeves, has looked at the London market from the inside out, highlighting the best routes to take to save on property price while increasing your property size at every step.
Using house price data from the Land Registry, Benham and Reeves first looked at where you can start in central purchasing a flat as the cheapest method of getting on the ladder. They then carved paths from inner London to the capital’s peripherals with each step not only seeing a reduction in price compared to the original starting point, but an increase in property size and type.
Heading North
Starting in the centre of London, a flat in the City of London will set you back £845,826. However, by hopsizing to a terraced house in Hackney you can save yourself £130,534 and increase your property size.
A second move across the border to Waltham Forest would not only save you £70k but would see you trade up from a terraced house to a semi-detached. Finally, with a detached home in Newham costing £608,091, you could hopsize again and save £37,301 on your current move and a notable £237,735 between the cost of the original flat and your detached home.
Heading East
Again starting in the City of London and hopsizing to a terraced house in Tower Hamlets would see you save some £275k. A second hop across the river and you can save a further £7,437 by buying in Greenwich but at the same time upgrading to a semi-detached house.
A final hop to Barking and Dagenham would save a further £20,000 and a total of £303,561 compared to your first flat purchase.
Heading South
Skipping across the river from the City to Southwark can not only see you upgrade from a flat to a terraced house, but you can save £176,367 in the process. A second hopsize into a semi-detached home in Lewisham would save you a further £15,797.
Finally, upgrading to a detached home in Bexley would see you save £89,354 and a total of £281,518 across the board.
Heading West
Heading West is always going to command a higher price tag, but even at the top end of the market there’s a saving to be had by hopsizing across London’s boroughs. Starting in Kensington and Chelsea will see you pay £1,161,580 for a flat alone, but a terraced house in Hammersmith and Fulham will give you more space for £138,245 less.
You can save a further £105,757 by opting for a semi-detached home in Richmond, with a final hop to a detached house in Hounslow saving a further £176,862 and a total of £420,865.
Director of Benham and Reeves, Marc von Grundherr, commented:
“With central London commanding a much higher price tag for a lot less space, homebuyers will always work from the inside out when looking to buy.
The great thing about the capital is that it offers a whole host of options across price brackets and property types to suit all tastes, and by doing your research, there are some great buys to be had particularly in the current market conditions.
While you might not plan your property route as diligently as we have in this particular instance, we wanted to highlight that there’s a saving to be made without completely forsaking your London lifestyle and just because you require a bigger house as life moves on, it doesn’t mean you have to move outside of the M25 to find it.”
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Heading North
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|
||
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| – Flat ->
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Terraced ->
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Semi-detached ->
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Detached – |
|
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City of London
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Hackney
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Waltham Forest
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Newham
|
|
£845,826
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£715,292
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£645,392
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£608,091
|
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Saving each step
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£130,534
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£69,899
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£37,301
|
|
Total saving
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£237,735
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Heading East
|
|
||
|
| – Flat ->
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Terraced ->
|
Semi-detached ->
|
Detached – |
|
|
City of London
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Tower Hamlets
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Greenwich
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Barking and Dagenham
|
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£845,826
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£570,675
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£563,238
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£542,266
|
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Saving each step
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£275,151
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£7,437
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£20,973
|
|
Total saving
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£303,561
|
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Heading South
|
|
||
|
| – Flat ->
|
Terraced ->
|
Semi-detached ->
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Detached – |
|
|
City of London
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Southwark
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Lewisham
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Bexley
|
|
£845,826
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£669,460
|
£653,662
|
£564,308
|
|
Saving each step
|
£176,367
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£15,797
|
£89,354
|
|
Total saving
|
£281,518
|
||
|
Heading South
|
|
||
|
| – Flat ->
|
Terraced ->
|
Semi-detached ->
|
Detached – |
|
|
Kensington and Chelsea
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Hammersmith and Fulham
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Richmond
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Hounslow
|
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£1,161,580
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£1,023,335
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£917,578
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£740,715
|
|
Saving each step
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£138,245
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£105,757
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£176,862
|
|
Total saving
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£420,865
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