London basements boost value by up to 20%
The latest market analysis by prime London property brokerage, Jefferies London, reveals that London homebuyers who want to secure a property with a basement face a tough task. Not only do these much sought-after spaces increase a property’s value by up to 20%, but they’re also incredibly rare, found in only 2% of the capital’s current listings.
Basements have long been a popular feature in London homes, especially in the Prime markets, thanks to the additional space they offer in a city where space is often in short supply.
However, Jefferies London has analysed current residential listings in the capital and found that just 2.2% of properties boast this sought-after subterranean space.*
Buyers have the best chance of securing a basement in Hammersmith & Fulham, but even here, only 5.2% of listings have one.
In Wandsworth, basements are found in 4.7% of the current stock, followed by Waltham Forest (4.1%), Newham (4%), and Haringey (3.9%).
But what does a basement do for the value of a property in the capital city? Further research from Jefferies London shows that a basement boosts the potential asking price between 12.5% – 20%*.
With London’s average house price currently sitting at £553,258, this equates to a value boost of between £69,157 – £110,652.
The Prime market of Kensington & Chelsea sees the biggest boost of as much as £236,962, based on the current local average price of just under £1.2m.
This is followed by Westminster where a basement adds up to £173,234, Camden (£160,186), Richmond-upon-Thames (£153,592), and Hammersmith & Fulham (£147,719).
Damien Jefferies, Founder of Jefferies London, commented:
“Buyers in London are increasingly focused on securing homes that offer maximum usable space, and this is especially true in the Prime and Super Prime markets.
Many of these homes sit within historic areas where extending the footprint above ground is simply not an option, which is why basement space has become such a prized asset. When executed well, particularly across multiple levels, a basement not only transforms how a property functions, but elevates it into a truly luxury home, often housing features such as swimming pools, private cinemas or wine cellars.
The challenge is that these properties are exceptionally rare. Strict planning controls and past controversy around basement development mean that both existing basements and properties with genuine basement potential are in limited supply.
That scarcity is precisely what underpins the significant price premium they command. While opportunities are few, buyers with the means, and crucially the right agent to identify and access them, can still secure a home with this level of premium, future-proofed space in London’s most desirable locations.”
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